April 17, 2019
RiteBite Group takes its first bite of australia’s booming health snack market
Newly formed Australian snacking company RiteBite Group is pleased to announce the addition of eight leading health brands to its growing portfolio.
RiteBite Group – owner of confectionery brands Darrell Lea and LifeSavers –
has purchased The Bar Counter, ThinkFood Munch, Well Naturally, Smooze, CrispyFruits, Planet Food and Systemax.
This positions RiteBite Group as one of the leading brand owners in the nutritional snacks market. This market is valued at over $1 billion AUD.
RiteBite Group is building a portfolio of snacking products, ranging from healthy and nutritious through to purely indulgent, with plans to be Australia’s leading and most diverse snacking company.
Tim York, CEO of RiteBite Group and Darrell Lea said: “The evolution of what, how and where Australians consume food sees snacking growth outstripping the broader food sector with ‘better for you’ snacks growing at an even faster rate.
“Given these trends, we felt this was a natural expansion opportunity for our business.
“Since our turn-around started 7 years ago, our goal has been to ensure that our company earns a place in the hearts and minds of today’s consumer and, as part of that plan, we feel it’s important to cater to the snacking needs of modern Australians.
“We aim to be the market leader in ‘better for you’ snacking by bringing innovation, scale and consolidation to this highly fragmented market. With these acquisitions, we now have a strong base from which to build and we anticipate double-digit growth across all these brands through new product introductions, distribution gains and channel expansion.
“We will also look to grow sales in the export market with NZ initially and subsequently into the US.
“We anticipate 20% of the company’s business profits to be generated from healthy snacks within three years, underlining RiteBite Group’s vision of meeting the evolving and health-focused snacking preferences of Aussies.”
Quadrant restructured the Darrell Lea business into a broader snacking group of brands under the RiteBite Group umbrella.
The progressive move reflects the evolution of consumer demand in Australia – from purely healthy snack options to purely indulgent.
The expansion of RiteBite Group will not impact jobs, with no immediate change to manufacturing across their newly acquired brands.
RiteBite Group, a wholly owned subsidiary by Quadrant Private Equity, an Australian PE firm, is continually looking at investing in new capabilities that foster growth and expansion.
The RiteBite Group family of brands include:
– Darrell Lea Australia
– Darrell Lea USA & Export
– RJs New Zealand
– Bar Counter
– ThinkFood Munch
– Well Naturally
– Planet Food
Visit www.ritebitegroup.com.au for further information.