Gourmet Food attracts interest from several bidders
Australian food manufacturer Gourmet Food, which was placed into receivership, has attracted more th…Australian food manufacturer Gourmet Food, which was placed into receivership, has attracted more than 100 bidders over the sale of a part or the complete business.
Ferrier Hodgson partner Jim Sarantinos said that considering the level of interest among potential buyers, it is likely that the group will be able to continue operations.
A preliminary evaluation of entitlements and the company's assets reveals that all employee entitlements are expected to be paid in full, regardless of the result of the sale process, Sarantinos added.
Gourmet Food, the producer of leading Australian sauce brand Rosella, was placed into receivership on 30 November 2012. The company had failed to pay the debts it owed to creditors, including nearly A$50m ($52.34m) to National Australia Bank (NAB).
Ferrier Hodgson partners Steve Sherman, Jim Sarantinos and John Lindholm were appointed as receivers.
Gourmet Food owns Rosella, an Australia-based manufacturer of sauce, spice and chutney; Pitango, a New Zealand based producer of organic soups and meals; and Waterwheel, an Australia-based producer of crackers and crisp breads. Rosella employs 110 people, Waterwheel employs 140 staff, while Pitango has a workforce of 25.
Gourmet Food, which is owned by Australian private equity firm Crescent Capital Partners, reported revenues of around A$80m ($83.74m) for the fiscal year 2012.
