Sustainable infant, toddler health and plant-based ingredients company Forbidden Foods has raised $5.5 million from a share placement to investors to buy plant-based snack and bar manufacturer Blue Dinosaur and further expand its businesses.
Forbidden, which produces the FUNCH and Sensory Mill brand foods, purchased Blue Dinosaur for $4 million.
The company had FY21 revenue of $3.7 million and a reported EBITDA of $194,000.
Blue Dinosaur began manufacturing protein bars, snack bars, energy bars and bite in a suburban kitchen in 2011, and targets the active, health-conscious demographic.
Forbidden CEO Marcus Brown said the two companies were culturally aligned, with the purchase to be transformative, allowing the company to expand its market presence.
Blue Dinosaur appealed to the health-conscious millennial, boosting Forbidden Foods own offerings.
Brown said: “With over 8,000 sales outlets and exports to eight international markets, Blue Dinosaur’s established and diversified distribution footprint will give rise to significant cross selling opportunities for the company and accelerate our growth profile in the markets in which we operate.”
Picture: Blue Dinosaur
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