Australia's Anacacia backs Yumi's Quality Foods

The family-run business makes dips, snacks, bites and smoked fish and has seen compound annual growth of more than 20%, according to an Anacacia statement. The GP typically invests in businesses with over A$20 million ($17.79 million) in revenue and more than A$3 million in earnings.

Australia's sweet and savoury snacks market grew by 4% in 2012 to be valued at A$1.7 billion, according to Euromonitor data.

Jeremy Samuel, Anacacia's founder and managing director, will join the Yumi's board along with Ernest Pope, a member of the Anacacia Capital Business Advisory Council.

The GP reached a final close on its second fund, Anacacia Fund II, at the hard cap of A$150 million in August last year. It was more than three times oversubscribed. A total of 12 investments will be made over the 10-year life of the fund. It has already acquired K-Care Healthcare Equipment as a first investment.

The private equity firm's previous food segment portfolio company - baby-food producer Rafferty's Garden - was sold to London-listed PZ Cussons for GBP42.2 million ($64 million) in July last year for a 10x return on a three-year investment.

Anacacia also secured an IRR over 90% and a 5x money multiple on its exit from Australian cooking products supplier Home Appliances to McPherson's for A$22 million.

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• Topics
• Australasia
• Consumer
• Expansion
• Anacacia Capital
• Australia
• Consumer
• Growth capital