Infant formula maker Nature One has acquired milk products company Nepean River Dairy for $36.5 million on a debt-free basis, as it expands beyond its current milk powder business.
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Infant formula maker Nature One Dairy has acquired Nepean River Dairy. 

The deal gave Nature One an enterprise value of $70 million pre-acquisition.

Nepean River Dairy, led by Emad Jommah, sells a range of milk products including regular cows milk, flavoured milk and long-life milk products, sourcing its milk from Victoria’s Gippsland region and NSW.

The acquisition will see Nepean River Dairy’s manufacturing capabilities and product portfolio merged under the Nature One Dairy brand.

The deal will be subject to shareholder approval, set to be held in mid-August.

The deal has been in the works since April, when Street Talk revealed that the pair were close to sealing a deal, ahead of a likely float from Nature One.

As well as baby formula, Nature One’s product range includes milk powder, nutritional formula and ready-to-drink milk beverages. The company’s products are sold locally in Coles and IGA supermarkets and Priceline pharmacies, and are also available throughout South-east Asia and China.

Nature One chief executive Nick Dimopoulos said the business had grown in excess of 30 per cent over the last 12 months.

“[This] has served as proof that our strategy of establishing focused sales and distribution footprints in South-east Asia and vision of building a premium, global dairy business with Australian made credibility is absolutely working,” he said.

“The acquisition of Nepean River Dairy will continue to strengthen our position and importantly, offer a new range of innovative products to our customers both locally and abroad.”

97 Milk’s slogans supporting whole milk are appearing ever farther afield from the group’s home base in southeastern Pennsylvania.

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