Almost five years after the latter initiated the acquisition, Australian company Freshness First Pty. Ltd. is now a fully-owned subsidiary of listed firm AgriNurture, Inc. ANI first announced the deal in October 2018 as part of plans to expand business operations in Australia through the acquisition of existing companies.
ANI has announced that it acquired Freshness First for the sum of AUS $1.00. As of Dec. 31, 2022, ANI had made a deposit amounting to P27.82 million to acquire a majority stake in Freshness First. Incorporated in 2012, Freshness First is engaged in the business of trading fresh and processed fruits and vegetables in Queensland and nearby New South Wales.
ANI earlier said Freshness First was eyeing to merge with two or more larger players with existing processing capacity to create synergies and develop value-added processing ability for the whole processed fruit and vegetables market in Queensland.