Nourish Foods, an Australian healthy kids’ snacks business, has been acquired by Tempo Group of Companies after entering voluntary administration earlier this year. The company hired administrators last month due to a lack of working capital.
The financial details of the acquisition were not disclosed. Grant Thornton, an accounting firm, was tasked with finding a buyer for Nourish Foods. They confirmed that Tempo Group of Companies has purchased the business, associated brands, and related intellectual property.
A spokesperson for Grant Thornton stated, “We are pleased to advise that on 5 October 2023, the business of Nourish, associated brands, and related IP were sold to Tempo Group of Companies, who is the new owner and operator of the Nourish brand and its business. As receivers and managers, we are pleased to have been able to support the brand through to a positive outcome and find a suitable buyer who is motivated to see the brand continue.”
Tempo Group of Companies, a family-owned global supplier of mainly consumer and electrical goods, has added Nourish Foods to its food and beverage portfolio. This acquisition marks the fourth addition to Tempo’s portfolio in the food and beverage industry.
Tempo Group supplies canned seafood, including Paramount Salmon and Brunswick Sardines, to retailers in Australia, New Zealand, the UK, and North America. The company has a presence in private-label manufacturing as well.
In 2021, Tempo Group also acquired Noumi’s (previously Freedom Foods Group) seafood business for approximately A$3m. The financial details of the Nourish Foods acquisition have not been disclosed.
This change in ownership comes just five months after Nourish Foods returned to the funding market, aiming to raise additional capital to support its growth. The company had already raised A$2.3m in the past three years.
Founded in Melbourne in 2005 by James Meldrum and wife Monica, Nourish Foods launched the Whole Kids range of organic and allergen-friendly foods. The company’s mission is to create nutritious snacks for children without the use of genetically modified organisms (GMOs), artificial colours, flavours, or preservatives.
Nourish Foods has achieved significant revenue growth, generating over A$23m in the past five years. Sales were up by 27% in fiscal year 2022 compared to the previous year.