Coca-Cola buys in to Aussie drinks maker
cent increase on the previous year.
It logged pre-tax earnings of $16.3 million, citing stronger sales at consistent margins; constant costs despite higher sales volumes; and the largely neutral impact of foreign exchange rate movements.
Shares closed yesterday steady at $3.25. A MELBOURNE-based coconut water, fruit juice and almond milk drinks maker has become the latest target of Coca-Cola’s push to expand its range beyond sugary soft drinks.
Australia’s Coca-Cola Amatil and its US backer, The Coca-Cola Company, have bought a 45 per cent stake in Made Group.
Made’s products include coconut water, cold-press juices, almond milk, high-protein dairy smoothies and probiotic milk, cold-brewed coffee and so-called nutrient-enhanced water.
Its brands include Cocobella, Impressed Juices, Rokeby Farms, Schnobs and NutrientWater.
The sale represents a highpoint for Made, which was launched in 2005 by a trio of Brighton Grammar school mates who left their jobs in law and finance to tap the demand for healthier drink options.
“It’s a huge milestone in our 13-year history,” co-founder Luke Marget said.
Mr Marget said there would be no changes in how Made was run or how it made its products.
“What the partnership will allow us to do is continue to operate the business independently in the same entrepreneurial spirit but ultimately put our great brands into the hands of more people,” he said.
Made is already sold through 10,000 retail outlets. Coca-Cola Amatil’s distribution network covers 115,000 outlets. The price for the stake in the company has not been disclosed.
Made, which started with a one bottling machine and sold its nutrient-enhanced water at Melbourne cafes, now generates $130 million in sales annually and employs 100 people.
The Coca-Cola Company is the biggest shareholder in Coca-Cola Amatil, which bottles and sells its products in Australia. Both are moving to beef-up their health credentials as soft drink sales slow amid concerns about sugar and obesity. The US company last month bought Adelaide-based kombucha producer Organic & Raw Trading Co, which makes the Mojo brand.