Agrinurture Inc. has completed the re-acquisition of Australia-based Freshness First Pty Ltd. since it was sold in 2015 the company said in a statement.
Agrinurture first made a P16.1 million deposit in 2018 to acquire Freshness First which is engaged in trading of fresh and processed fruits and vegetables in Queensland under units BSK Pty Ltd. (Field Cuisine) and Michsul Pty Ltd. (Bou Samra Fruits & Vegetables).
“Despite challenges brought by the COVID-19 pandemic and a major Brisbane flood during early 2022, said subsidiary managed to steer toward recovery, posting AU$12.8 million in annual revenues as of July 2023 which is slightly over during the same period last 2022,” Agrinurture said.
Freshness First is looking at possible export in areas like Singapore, Hong Kong, Macau, and Mainland China.
In Agrinurture’s annual report last year, it said Freshness First is eyeing a roll up with two or more larger players with existing processing capacity to create synergies and develop value added processing ability for the whole and processed fruit and vegetables market in Queensland.
“The consolidation would result to a market leader delivering whole and processed fruit and vegetables to the wholesale and commercial market sectors across South East Queensland and creating a true alternative to supply corporate customers for ‘bulk’ processed products,” it said.
In December 2015, Agrinurture sold Freshness First for $2.5 million or around P117 million at that time as the company shifted focus on China and in the local market.
