RFG forges ahead with acquisitions
The retailer’s record full year profit result was boosted by the success of its pizza businesses, Pizza Capers and Crust Gourmet Pizza, which were both acquired in 2012. Their performances contributed to a 15 per cent rise in RFG’s profit in the year to June 30, to $36.9 million.
The coffee wholesaler and owner of food chains including Donut King, Brumby’s Bakery, Pizza Capers Gourmet Kitchen, and Crust Gourmet Pizza, is set to acquire the 236 outlet Cafe2U mobile coffee franchise, and 70 store La Porchetta casual dining franchise, for a combined total of $31 million.
Both deals are yet to be finalised, but if they are settled before October as expected, the group expects its underlying profit to grow by up to 20 per cent in the 2014/15 year.
La Porchetta CEO, Sara Pantaleo, will remain with the business post completion.
Derek Black, MD of Cafe2U, will also remain with the business and will continue to direct the company under the oversight of RFG’s National Office.