Mad Butcher owner buys stake in Burger King supplier
posted on 21st December 2013
2013 has been the year when the stock market has discovered franchising - or should that be the other way round? The latest acquisition by Mad Butcher owners Veritas Investment means the company will add to its buying power and growth prospects while forming a key partnership with another franchise brand. See our earlier report on Kiwi franchises going public.
The Auckland-based firm will buy half of Kiwi Pacific Foods for $2.8 million in cash and $400,000 in shares at $1.38 apiece, with potential earn-outs if certain export targets are met. The owner of the remainder of the business is Antares Restaurant Group, which holds the New Zealand Burger King franchise.
'Kiwi Pacific Foods is a business that can be supported by the procurement base of the Mad Butcher Limited business and aligns us with the iconic Burger King'brand as our cornerstone client,' Mad Butcher chief executive Michael Morton said in a statement.
'We see good growth opportunities in export markets through the Burger King connections internationally.'
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