Archer Capital, a Sydney mid-market firm, has acquired Paradise Food Industries, a biscuit maker based in Brisbane.
Paradise Food makes a range of biscuits under its own brand, as well as for third-party retailers, in addition to producing cereal bars and muesli.
“We invest in businesses with a strong market position, growth potential, strong cash flows and significant opportunities that are usually ready for their next phase of development,” Archer partner Justin Punch said. Paradise fits the brief on all those measures,”
Paradise has appointed a new managing director, Jim Sybertsma, a New Zealander formerly with New Zealand Dairy Foods and DB Breweries. Sybertsma replaces former managing director Tim Wong.
Paradise Foods employs more than 750 people. It had a turnover in excess of A$100 million ($74 million; €58 million) in the year to 30 June 2006, Punch said. He declined to disclose Archer’s investment in the company.
Archer manages over A$900 million in four funds. It recently closed a A$200 million vehicle aimed at growth investment opportunities in small-cap companies.