SYDNEY: Bubs Australia Limited has announce that all conditions precedent have been met for the acquisition of Australia Deloraine Dairy Pty Limited and the placement to C2 Capital Partners (C2) as announced on 1 April 2019, and the transactions have been completed.[the_ad id=”31605″]In addition, pursuant to the placement to C2 Capital Partners, Mr Steve Lin, Managing Partner of C2 has been appointed Non-Executive Director on the Bubs Australia Board. Alibaba Group is an anchor investor in C2 Capital Partners.
Announcing the completion of the transactions, Bubs Australia’s Chairman, Dennis Lin said: “Following completion of the 100% acquisition of our manufacturing facility, Australia Deloraine Dairy, and the strategic partnership with C2 Capital Partners, Bubs Australia is well placed to advance its vision to be a leading player in the infant milk formula and infant nutritionals markets, here and overseas, especially China.
“The acquisition of Deloraine is a vital element of our vertical integration strategy with a particular goal to enable Bubs to export its infant formula products to China to be sold in physical Mother and Baby stores. C2 is a profoundly valued partner providing Bubs with unique China market insights and know-how. We look forward to any potential collaboration with C2 to tap the China market.
“We welcome C2’s Managing Partner Steve Lin to our Board and look forward to working with C2 to achieve our strategic ambitions,” Dennis Lin said.
The off-market share transfers by the NuLac Foods Vendors to C2, as announced on 1 April 2019, are expected to complete on 23 April 2019. As previously announced, following the placement to C2 and the expected completion of the off-market share acquisitions from existing shareholders, the NuLac Foods Vendors, C2 will have an aggregate 15% holding in Bubs Australia.