Forbidden Foods Ltd (ASX: FFF) has received binding commitments from a range of existing and new institutional and sophisticated investors to raise $5.5 million and agreed to acquire 100% of the issued shares in Blue Dinosaur Pty Ltd for up to $4.0m.
Blue Dinosaur is a health focused protein bar, snack bar, energy bar and bites company targeting the active and health-conscious millennial demographic.
Forbidden Foods Co-founder and CEO, Marcus Brown, said the company was delighted by the support received for the capital raising.
“I would like to thank our existing and new shareholders for their support as we embark on this exciting period of growth for the company,” Mr Brown said.
“We are excited to bring the vibrant Blue Dinosaur brand into our growing portfolio of plant-based and nutritious food products.
“Founded in 2011, the Australian based family business presents strong cultural alignment to Forbidden Foods and will be transformative in nature as it allows us to elevate our revenue position and expand our position in the market.
“With over 8,000 sales outlets and exports to eight international markets, Blue Dinosaur’s established and diversified distribution footprint will give rise to significant cross sell opportunities for the Company and accelerate our growth profile in the markets in which we operate.
“Blue Dinosaur has built a brand which resonates strongly amongst the active and health-conscious millennial demographic who are inclined to choose plant-based and natural food products for themselves and their families, further boosting Forbidden Foods offering and penetration into the rapidly growing global plant-based foods market in Australia and overseas.
“We look forward to welcoming the Blue Dinosaur team members into the Forbidden Foods family as we continue to innovate and deliver products that excite.”
Blue Dinosaur Pty was founded in 2011 by Michael and Tina Watts-Seale with the intention of building a brand that is the ‘Red Bull’ of the health food industry, changing the status quo by making healthy snack food appealing to millennials.
Together, the Founders have successfully established an engaging health focused bar and snacking company which resonates strongly amongst the active and health-conscious millennial demographic. Blue Dinosaur produces hand-baked products using only wholefood ingredients.
The bars are gluten free and do not contain any soy, dairy, preservatives, added sugars, colours, stabilisers, flavours, or anything artificial. Blue Dinosaur distributes internationally and nationally into major and independent sales channels with over 8,000 outlets, including:
- Major supermarkets
- Independent grocers & health food stores
- Petrol and convenience retailers
- Gyms, cafes and other stores.
It’s range of snack, energy and protein bars have a strong presence in the millennial demographic and is most popular amongst female consumers aged 18 – 34 years. As the Blue Dinosaur brand grows and offers more products it continues to broaden its customer demographic and audience to capture a wider portion of consumers.
Mr Brown said the Blue Dinosaur acquisition highlights Forbidden Foods ability to identify and execute on highly complementary and accretive transactions, as the transaction is expected to significantly transform the Company’s revenue footprint. The transaction extends and broadens the Company’s position within the health-based food and snacking market and provides significant product and distribution extensions to Forbidden Foods.