Trailer Magazine

Coca Cola Amatil completes SPC sale

  • Posted on Wednesday 17th, July 2019.

Coca-Cola Amatil has completed the sale of the SPC fruit and vegetable processing business (SPC) to Shepparton Partners Collective and its group of companies (Shepparton Partners Collective), for consideration of $40 million payable at completion.

The sale was completed on Friday 28 June 2019.

Taking into account forecasted working capital balances, working capital adjustments to the sale price and costs of disposal, Amatil is expected to record a profit on sale of approximately $14 million.

The sale agreement also includes a four-year earnout structure which, subject to business performance, could result in up to an additional $15 million in sale proceeds at that time.

Coca-Cola Amatil Group Managing Director, Alison Watkins, said with the completion of the sale of SPC, Amatil will continue to focus on being a beverages powerhouse.

"SPC has been a much-loved part of our portfolio since 2005, and we’re confident it has a bright future in the hands of its new owners," said Watkins.

"Shepparton Partners Collective recognises the value of SPC’s brands, the opportunities for innovation and category growth in Australia, and its export potential.

"On behalf of Amatil, I thank everyone at SPC for their commitment to the business and wish them well in continuing to grow their domestic and international markets."

Since acquiring the SPC business in 2005, Amatil has invested around $250 million including in technology, operational and energy efficiencies and new equipment.

Amatil commenced the divestment process for the SPC fruit and vegetable processing business in November 2018.

(Image: Coca Cola Amatil Group Managing Director, Alison Watkins.)

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