The receivers of Halo Food Co are ramping up the sale process for the failed health and sports nutrition products business, with bids due on Thursday after the company collapsed last week.
The business makes health and sports nutrition products, with production facilities in Victoria and NSW that include power blending and packing, long-life UHT, a ready-to-drink PET bottling facility and protein and confectionery site.
Available assets include inventory, plant and equipment, intellectual property and customer contracts.
The company was put in receivership through KPMG on Friday.
Halo Manufacturing generated over $51.8m in revenue during the 2023 financial year and revenue growth has increased 26 per cent year-on-year.
Its Tonik beverage business has grown by 71 per cent through 2023, the flyer says, with distribution through supermarkets, convenience stores and petrol stations.
The company is chaired by Macquarie Telecom chair Peter James.
On Friday, Halo Food told the market that after a strategic review in May to unlock value through divestment, mergers and acquisitions and other opportunities, financial support had been withdrawn.
KordaMentha is working as administrators, while KPMG is the receiver.
Halo’s last market value when trading was $2.8m.
Meanwhile, the sale of the Sukin skincare brand is narrowing to a strategic player, sources say.
While private equity has looked at the business, the thinking is it will likely be another skincare manufacturer or a rival global brand.
The understanding is that buyers have the opportunity to own the brand, the manufacturing capability or both.
Any manufacturing firm keen to buy the whole business would need to be comfortable owning brands as well, and there is an opportunity to sell into the Chinese market.
Sukin was part of the collapsed beauty products company BWX.
Last year it lifted its market share by 12 per cent but revenue fell 14.9 per cent to $71.5m.
Yet it remained the leading natural skincare and No.2 skincare brand in the Australian grocery channel.
Greenhill is working on the sale after being appointed by BWX receiver KPMG.
KPMG came on the scene in early April after CBA called in a loan for BWX.
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