Body Science International, an Australian-based sports nutrition company, has successfully completed the acquisition of a nearby manufacturing facility previously under the ownership of Halo Food Co.
In a LinkedIn post, Sheree Young, the CEO of Body Science, a company under the Humble Group umbrella, announced the acquisition of the factory from the administrators of Halo Food. Halo Food had entered voluntary administration in August.
Australian media reported the plant is located in Sydney. Young said on LinkedIn “the acquisition by our group assures ongoing employment for the staff affected by the recent events in Halo Food group”.
Halo Food, a company listed on the Sydney Stock Exchange but headquartered in New Zealand, announced in August that it had appointed administrators Rahul Goyal, Kate Conneely, and Michael Korda from KordaMentha. The receivers, led by David Hardy, Ryan Eagle, and Emily Seeckts, were from the accounting firm KPMG.
Prior to commencing the proceedings, Halo Food had divested its weight-loss business, The Healthy Mummy. The company operated three manufacturing facilities in Sydney and Melbourne, along with an additional one in Christchurch, New Zealand.
Located in Burleigh Heads, Queensland, Body Science was acquired by Humble Group, headquartered in Sweden, during the summer of the previous year. This Australian company manufactures protein powders and bars under the BSc brand, as well as weight-management and pre-workout supplements.
“Integrating manufacturing capabilities into our group in Australia is an exciting development and opens up further opportunities for support and growth for our BSc Brand and other Humble Group brands in our region,” Young said.
“Humble Group already have extensive manufacturing capabilities in FMCG throughout Europe and the investment in Australia is a testament to the opportunity here and the ongoing support for Australian manufacturing of BSc products.”
Body Science, which distributes its products through direct-to-consumer channels and independent retailers, served as Humble Group’s introduction to the Australian market. Although specific financial details were not disclosed at the time, the Swedish company noted that Body Science was generating sales amounting to SKr284 million (equivalent to $25.7 million today) and reporting profits based on EBITDA of SKr53 million.
A representative from Humble Group has verified that the factory transaction by Body Science is anticipated to conclude within the “coming week or thereabouts.”