SunRice Group, a global food business based in Australia, announced its acquisition of SavourLife, an Australian pet food company. SunRice Group's animal nutrition division, CopRice, will acquire the pet food company for AUD $20.3 million (US$13.4 million).
SunRice's CEO Paul Serra said the acquisition positions CopRice to further expand into the branded companion animal market where there is a growing demand for premium products. "CopRice already manufactures SavourLife's dog food range," said Serra. "The acquisition will use CopRice’s existing manufacturing facilities and supply chain to improve efficiencies and provide future growth opportunities."
Founded in 2013 by Michael and Kimberlee McTeigue, Sydney-based SavourLife donates half its profits to dog rescue groups and has given $8 million in support to these organizations since its beginning. SunRice said it will continue SavourLife’s mission of donating 50% of profits to dog rescue organizations.
The McTeigues will remain with the business post-transaction, along with all employees. According to Michael McTeigue, SavourLife has no plans to change its team, formulas, social mission or donation model.
"By being part of the SunRice Group, we will have access to the resources, pet nutrition expertise and manufacturing capabilities of one of Australia’s most experienced food companies," said Michael McTeigue. "We will also have the backing of a global company that carries at its heart the farmers’ ethos of making a difference, which importantly aligns with our own values here at SavourLife.
"This is about two Australian companies that align in their purposes coming together," he added. "It’s a huge opportunity for the SunRice Group to help grow our business, which will expand our ability to deliver on our mission."
The transaction is expected to be completed August 30, 2024.
The SunRice Group is a global FMCG business and one of Australia’s leading branded food exporters, listed on the Australian Stock Exchange, with significant markets in the United States, the Pacific and the Middle East, as well as expanding markets across Europe and Asia.
SavourLife is a family-owned, Australian company inspired by a love for dogs and a desire to make a difference. The company makes natural, Australian-made food and treats for dogs and donate 50% of profits to pet rescue organizations; helping them save and rehome abandoned dogs.
