SunRice Group is set to expand into the branded pet food market with a $20.3 million acquisition of pet food company SavourLife.
SunRice Group’s CopRice business will acquire 100 per cent of SavourLife, an Australian pet food company which specialises in premium dog foods and treats, while also delivering an important social mission of saving and rehoming abandoned dogs.
Paul Serra, CEO of SunRice Group, said This acquisition positions its CopRice business to further expand into the branded companion animal market, where they’ve seen growing demand for premium products.
“We believe that SavourLife is well positioned to continue to grow in Australia, with Australia having one of the highest dog ownership rates in the world. SavourLife will also complement CopRice’s existing products, which are known for their quality ingredients.
“CopRice already manufactures SavourLife’s dog food range. The acquisition will use CopRice’s existing manufacturing facilities and supply chain to improve efficiencies and provide future growth opportunities. We look forward to working with Michael McTeigue, SavourLife’s Founder and the SavourLife team to continue to deliver on SavourLife’s mission of making a difference and continuing to support dog rescue groups.”
In addition to its range of premium dog food and treats, SavourLfe donates 50 per cent of its profits to save rescue dogs, an arrangement that CopRice will continue to support post-acquisition.
Since its inception, SavourLife has donated more than $8 million to Australian dog rescue organisations and supported the re-homing of more than 63,000 dogs.
Michael McTeigue, Founder of SavourLife, said he is excited by the opportunity for CopRice to continue to grow the SavourLife business, which will help it deliver on its mission.
“CopRice has been an important partner in building SavourLife into the business it is today, and I know that together we will build an even greater business into the future.”
The completion of the transaction is expected to occur by 30 August 2024, pending satisfaction of a number of standard conditions. The purchase price will be funded from existing cash reserves and available debt facilities.
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