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A well-known Australian protein ball brand may well bounce back on its feet after falling into administration last month, with Australian-owned health and wellness supplements brand PharmaCare answering the call-out to acquire Bounce Foods.
Bounce Foods, which was founded in 2004 by husband-and-wife team Paula and Andy Hannagan, called in voluntary administrators last month with $6 million in debts to its name following an unsuccessful venture in the US market.
John McInerney and Philip Campbell-Wilson, of Grant Thornton, were appointed as administrators of Natural High - trading as Bounce Foods - on 14 July, and put out an expressions of interest (EOI) campaign for the company.
A spokesperson for Grant Thornton confirms the Bounce brand and related intellectual property (IP) was sold yesterday to Pharmacare subsidiary Go Natural Australia Pty Ltd.
"As administrators we are glad to have been able to support the brand during the voluntary administration process and to find a suitable buyer who appears motivated to see the brand continue," the spokesperson says.
PharmaCare acquired Bounce to complement its portfolio of brands that also includes Nature's Way, Bioglan and Sambucol.
"This announcement underscores PharmaCare’s commitment to grow through local acquisition," says PharmaCare chief executive officer Glenn Cochran.
"We have a strong team of experts in the natural health sector who are already putting their collective minds behind the success of the brand to support Bounce customers to achieve a seamless transition of ownership."
Related story: Nature's Way owner bets on Aussie provenance amidst pending Blackmores sale to Kirin
Bounce joins PharmaCare’s health foods division alongside the popular Go Natural brand, positioning it effectively for success within the business under a team with extensive portfolio experience.
The first priority of the acquisition will see PharmaCare focus on driving continuity with Bounce’s existing customer network, to support consumer demand in the Australian market. This involves reviewing the product range and focusing on 11 core products that are loved by customers.
"The Bounce brand has a strong and loyal customer base, particularly with female shoppers across grocery, petrol and convenience," adds Cochran.
"Our team is excited to continue supplying the beloved Bounce balls and more to Australians across the country who enjoy healthy snacking on-the-go."
A PharmaCare spokesperson declined to reveal details of the purchase, citing commercial confidence.
From its initial base in the Central Coast suburb of Erina, Bounce became a market leader in the protein ball category in Australia, prompting the founders to move to Oregon with their young family in 2014 in a bid to gain traction in the US. They had some initial success, but eventually encountered 'humbling lessons' which led them to return to Australia.
As part of the PharmaCare group, Bounce will now be based in Warriewood in Sydney's Northern Beaches.
When asked whether the founder would remain with the brand, the PharmaCare spokesperson said: "Employees were not acquired as part of the Bounce acquisition, as the brand was in liquidation at the time of sale."
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