7 July 2009 - Frucor Beverages Ltd announced today it has signed an agreement to buy Simply Squeezed Holdings Ltd., subject to clearance from the New Zealand Commerce Commission. The acquisition will see the chilled juice range added to Frucor's wide range of beverages, which include Fresh Up, Just Juice, V, Frank and Mizone.
Frucor has been in talks with Simply Squeezed, New Zealand’s leading chilled juice company over the past few months. The team is delighted to have the opportunity to add the Simply Squeezed, Supreme, Allganics and Bay Harvest brands to the already extensive range of drinks offered by Frucor.
"The Simply Squeezed business is a great success story, from small roots to where it is today," says Carl Bergstrom, Frucor NZ CEO announcing the addition to the company’s portfolio.
“Simply Squeezed has demonstrated strong growth and consistent profitability for many years despite aggressive competition, which is a real credit to them. We see this as an exciting growth opportunity for Frucor and Simply Squeezed, and look forward to working with the Simply Squeezed team to accelerate their growth with our support."
The purchase will see Simply Squeezed enter the Frucor fold with minimal changes for the staff, orchardists who supply the fruit, and distributors. Simply Squeezed will remain based in the Hawke’s Bay region close to where it sources most of its oranges.
Frucor, bought for more than NZ$1.4 billion by Japan’s Suntory Group in February this year, has had strong growth over the years and is one of Australasia’s leading drinks companies. Over the last ten years Frucor has built a substantial business in Australia and now plans significant expansion into other overseas markets backed by Suntory.
“We see this move as a strong, positive step for both Frucor and Simply Squeezed, and we look forward to working together to continue to provide New Zealand with the tastiest chilled juices,” says Mr Bergstrom.