©Crankt
Freedom Foods has acquired Australian protein product brand Crankt for AUD 3.5 million ($2.5 million).
Freedom Foods agreed a three-year distribution agreement with Crankt in February, which gave the company the option to buy Crankt depending on the brand’s sales performance, and Freedom Foods has now exercised this option.
Crankt produces a range of protein bars and drinks for both the Australian and New Zealand markets, targeting health-conscious consumers in both countries.
Crankt products are available from retailers, petrol stations and fitness retailers throughout both countries, and Freedom Foods says it will leverage its existing distribution channels to further expand the brand.
This deal will enhance Freedom Foods’ position in the sports nutrition segment, as Crankt products will supplement the company’s Uprotein and Vital Strength nutrition brands.
A statement from Freedom Foods said: “The Crankt brand provides for an everyday mainstream consumer proposition, aligned to the Freedom Foods Vital Strength brand, which is positioned as a premium brand in the sports and nutrition category,”
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