Acquisition of a minority stake in Prolife Foods

July 2022

On 11 March 2022, Finasucre SA (Finasucre) entered into agreements to acquire a minority stake in Prolife Foods Limited (Prolife) through direct equity and convertible notes.

Finasucre is a Belgian based producer of sugar and related products with operations in Europe, Asia, Australia and Africa and has been embarking on a series of investments aimed at diversifying its portfolio towards healthier food products, including in the production and processing of macadamia nuts in Australia.

With a mission to provide great food with obsessive service, Prolife is one of New Zealand’s largest healthy snacking businesses with operations in New Zealand, Australia and South East Asia and export markets around the world. It specialises in branded and self-selection products based around edible nuts for leading supermarket chains. It also owns an integrated Manuka honey business, a range of other branded product lines such as snack bars, chocolates and cooking ingredients, and has two manufacturing facilities in Hamilton, New Zealand and Melbourne, Australia. The Company was founded in 1984 and its growth has accelerated in the past 10 years as consumers have gravitated to healthier food choices and major supermarket chains have embraced its self-selection concept.

Finasucre’s investment will continue its diversification into healthy food and nut based products and will provide a partial exit for the founding family of Prolife, as well as capital for the growth of Prolife’s business. Azure acted as financial adviser to Finasucre.