SPC Global to merge with The Original Juice Company and Nature One Dairy

SPC Global (SPC) and The Original Juice Company (OJC) have announced plans to merge with the powdered milk business Nature One Dairy to create an Australian-based and -owned food and beverage company with significant scale.

• Australian brand SPC is one of the largest producers of fruit, tomato, baked beans and spaghetti processing, packaging and canning in Australia.
• The Original Juice Company is an Australian food processing company specialising in chilled fruit and vegetable juices.
• Nature One Dairy is a Singapore-registered, Australian-founded dairy company that manufactures and sells infant formula, nutritional formula and milk powder products.

OJC announced to the Australian Stock Exchange that it will acquire SPC and Nature One Dairy via a binding merger implementation deed and share sale agreements subject to several conditions including approval by OJC shareholders in November 2024.

Former Asahi Beverages Group CEO and current SPC Director Robert Iervasi has been appointed the Managing Director of the merged business, which will own and operate three business divisions, namely SPC, The Original Juice Co. and Nature One Dairy.

Iervasi said: “SPC Global is excited to be joining with OJC and Nature One Dairy and come to market with a leading food and beverage platform. With our market-leading packaged fruit, canned tomatoes and baked bean products, we are excited to expand with OJC both domestically and globally, and see significant synergy potential in bringing the two producers together. Proud of our 100-plus year history and our Shepparton roots, SPC looks forward to working with the OJC team to accelerate growth and leveraging the combined platform to enhance distribution of our products. The addition of Nature One Dairy also allows us to diversify and reach more consumers every day through our international channels.”

The Original Juice Company CEO, Steven Cail, said: “This is a transformational moment for OJC, bringing our premium portfolio of juice products and processing technology together with SPC’s iconic brands and the powdered milk business of Nature One Dairy, creating significant production capability to create a food and beverage producing market leader. The strategy has always focused on setting up the business for future growth and synergies, and I am extremely excited about what the future holds for OJC. The OJC team is excited to join the 100-year legacy of SPC and contribute to taking the Combined Business forward in its next phase of success.”

After completion of the transaction, which is expected in November 2024, the Combined Business (SPG) is expected to deliver more than $400 million of revenues and more than $29 million of EBITDA in FY25.

In addition to Iervasi, David Mallison will serve as Interim CFO, and OJC and NOD's CEOs, Steven Cail and Nick Dimopoulos will continue with the Combined Business post completion of the transaction to ensure a successful transition. Hussein Rifai will be chairman of the combined group.

Hussein said that the transaction is a critical step in advancing the global strategy that has guided SPC since its divestment from Coca-Cola Amatil (CCA). It aligns with SPC’s long-term vision of transforming SPC into a global leader in the food and beverage sector.

“Our goal is to create ‘better, healthier food for the future’. Since acquiring SPC from CCA, our strategy has been to firmly establish ourselves as a leader in both the Australian and global markets. Building a strong foundation in our home market is vital for sustainable growth and success.”

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