A British restructuring company has bought Broadmeadows-based sweets manufacturer Betta Foods and guaranteed it will retain all 160 staff.
Hilco Capital’s international investment arm Re:Capital acquired the business for an undisclosed sum and plans to market Betta Foods’ popular Capricorn liquorice and Eskimo chocolate snowballs to a global market.
Both products are sold in Coles, Woolworths and Aldi stores and contribute to the company’s annual turnover of about $40 million.
Betta Foods is Re:Capital’s third acquisition in Australia, following its purchase of carpet retailer Allied Carpets in 2009 and chocolatier Ernest Hillier in February.
Re:Capital’s global chief executive, Paul McGowan, says the company is eyeing off more Australian businesses with potential for expansion.
“We believe there are enormous opportunities for specialist confectionery manufacturing businesses in Australia as demand increases,” he said.
Ernest Hillier chief executive Mark Campbell said the chocolatier and Betta Foods would combine their resources and market themselves to a wider clientele.
“We have a very defined strategy. We want to contribute to Australia becoming the world’s delicatessen,” Mr Campbell said. “We see a tremendous future.”
The handover from Betta Foods’ previous proprietor, Alex Sloan, took place on October 18.
Mr Campbell said not only would every staff member keep their job, but there were plans for expansion.
“Part of our strategy is to employ local people, young people, refugees and the unemployed,” he said.
Mr Campbell will work in partnership with Glenroy-based Youth Projects, an agency that supports people experiencing hardship such as disadvantage, unemployment or drug-addiction.
Youth Projects board chairwoman Melanie Raymond said Re:Capital’s acquisition of Betta Foods was very welcome news, and she called Mr Campbell’s approach to local employment a “game changer”.
“We’ve had about 20 unemployed young people land secure and meaningful jobs at Ernest Hillier,” she said.
“Re:Capital have committed to local jobs and this sets a benchmark for other employers in the area about the natural talents at their doorstep.
“Too often people see the northern suburbs as a basket case, but there’s potential for business success,” Ms Raymond said.
