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Health food company Forbidden Foods (ASX: FFF) has acquired plant-based snacking company Blue Dinosaur for $4 million, further expanding its range of brands under management and increasing its annual turnover by potentially $8 million.
The acquisition, completed today, welcomes Blue Dinosaur into the Forbidden Foods portfolio of brands which also includes plant-based ingredients maker Sensory Mill and kids’ snack label FUNCH.
According to Forbidden Foods, the acquisition will be “transformative” and will accelerate the company’s international expansion plans; Blue Dinosaur has secured trademarks in all targeted regions the new parent is strategically pursuing.
Founded in 2011 by husband and wife duo Mike and Tina Watt-Seale, Blue Dinosaur manufactures protein bars, snack bars and energy bars and targets the health-conscious Millennial and Gen Z markets.
According to Forbidden Foods co-founder and CEO Marcus Brown, there are a number of synergies between the two companies on both a product and distribution basis.
“The acquisition, our first since listing on the ASX, represents an important strategic step for Forbidden Foods as we extend and broaden our position in the plant-based food sector and provides us with significant product and distribution extensions to our existing business model,” Brown said.
“Blue Dinosaur has built a brand which has a strong following amongst active and health-conscious Millennial and Gen Z consumers, who are inclined to choose plant-based and natural food products for themselves and their families, further cementing our position in the rapidly growing global plant-based foods market.
“We are thrilled to officially welcome the Blue Dinosaur team to Forbidden Foods.”
Shares in FFF are down 7.69 per cent to $0.24 per share at 10.07am AEST.
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