PRIMARY OPINION ROLLS OUT MAGGIE BEER PLANS
Written on the 26 September 2016
PRIMARY Opinion (ASX:POP) has cooked up plans to expand the Maggie Beer Products line.
The Melbourne-based technology company acquired a 48 per cent stake in the celebrity chef's food range for $15 million in July.
Beer (pictured) and her husband Colin run the company in Barossa Valley, with a range of oils, sauces, ice cream and kitchenware stocked across Australia.
It's Primary Opinion's first investment after announcing its strategy to diversify into the food and beverage industry, particularly premium products.
A new manufacturing facility and warehousing complex will be developed in the Barossa within the next six months to keep pace with the launch of new products.
Maggie Beer Products will also release range of new ice cream flavours early next year, buoyed by growth in sales despite operating in a 'very competitive market'.
The company will also continue to pursue non-alcoholic drinks, with plans to tackle Asia and the Middle East.
Primary Opinion raised $20 million after issuing 500 million shares at 4c each to fund the acquisition.
In a statement to the market last month, Maggie Beer said the deal provided the company with the resources to move into the next stage.
"With planning applications in for the buildings that Colin and I are undertaking and the new technology we are purchasing we will be in a position to bring efficiencies into our processes without changing one bit of quality, which will give us the ability to present new products to the market," Beer said.
"I lead all the new product development myself and my head is spinning with the possibilities as we bring more skill into the business and find new channels to market."
Further product releases are planned in 2017.