Australian dairy manufacturer Nature One Dairy has signed an agreement to acquire Fei Fah Medi Balm, which sells and markets dairy and adult nutrition brands Ripple and White H20 in Hong Kong.
Nature One says it will transfer an upfront payment of $8 million to Fei Fah Medi Balm, with a further $4 million payment being made upon the six-month completion mark.
With the acquisition, Nature One will provide over 180 jobs across Australia, Singapore and Hong Kong, with a marketing and sales team based in Hong Kong.
Nature One founder and CEO, Nick Dimopoulos, said: “The acquisition is another key strategy of the [Nature One Dairy] Group, extending our current brand positioning in Asia by launching further owned branded powder nutritional products in both adult and infant marketing segments”.
FEI owner and CEO, Lawrence Gau, added: “I am pleased to continue my role in the [Fie Fah] business based in Hong Kong and collectively build a strong brand and channel into Asia with access to multiple products in liquid and powder available to the business from [Nature One Dairy]”.
He added: “There are significant mutual benefits across the two businesses, which existing customers will benefit from by providing access to multiple products in different formats and packaging and market segments that will further create market stickiness with customers and consumers.”
© FoodBev Media Ltd 2022
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