Fine food giant to acquire iconic ginger business
THE family behind Queen Fine Food's essences is set to acquire another Queensland business icon with a multi-million dollar deal to buy Buderim Group's ginger operations.
The Brisbane-based Himstedt family late Thursday offered to take over the operations for $13 million including the company's ginger factory, tourist attractions and Fiji operations.
The sale is expected to be completed by next month with the sale allowing ASX-listed Buderim Group to concentrate on its macadamia business. The Himstedt deal beat an original $8.3m offer made in June.
Himstedt spokesperson Tom Himstedt said the family was pleased to become the next custodian of the iconic business.
Buderim Ginger was founded in 1941 as a farmer's cooperative and in recent years has expanded into soft-drinks and related products.
"We look forward to furthering the long standing grower and customer relationships as well as being an integral part of the Sunshine Coast community," said Mr Himstedt.
Buderim Group chairman Tom Cowan said it was comforting to see that the new owner of the ginger business is a renowned family in the food business.
Mr Cowan said the the deal will allow Buderim Group to become a dominant player in branded macadamia products and to export potential opportunities in health food products.
The 123-year-old Queen Fine Foods was acquired by the Himstedt family in 1978, which built the company into a dominant market position in Australia and New Zealand. The business was sold to German food brand Dr Oetker in 2015.
In 2017 Buderim Group attracted $20 million investment from Qia Qia Foods, one of the largest snack food companies in China, and Wattle Hill, a Sydney-based investment, as it sought to break into the lucrative Asian market.
Buderim Ginger, which started life as a farmer cooperative, has in recent years been losing market share as demand for traditional products, such as glace ginger used in Christmas cakes, waned.
The company traces his history back to pre-World War II days when five Buderim farmers met together in an old blacksmith's shop and formed The Buderim Ginger Grower's Co-operative Association Limited. The cooperative had an initial capital of 25 pounds.
In recent years, it had shifted its tradition
Originally published as Queensland fine food giant to acquire Buderim Ginger