Organic food brand sells for $80m

Organic food brand Five:am has been acquired by PZ Cussons for $80 million.

Best known for its organic yoghurt, Five:am has strong retail partnerships throughout Australia and, according to PZ Cussons, has potential for significant growth both within Australia and abroad.

Revenue and EBITDA for the 2013-14 financial year were $35.59 million and $6.17 million respectively. Five:am manufactures all products in its state-of-the-art facility near Melbourne.

“I am delighted that Five:am has chosen a great home for the future. The cultural fit with PZ Cussons was apparent immediately and I am sure that the business will flourish under its ownership,” said David Prior, founder of Five:am.

“I am very pleased to be maintaining an involvement in Five:am for a period post-completion and am looking forward to working with Alex [Kanellis, chief executive of PZ Cussons] and his team over the coming months.”

PZ Cussons owns brands such as Morning Fresh, Radiant, Duo and Imperial Leather.