Global Yellow Pages said the company’s indirect wholly-owned subsidiary, Global Food Retail Group, has agreed to acquire all the intellectual property rights including recipes and formulas held Wendy’s Supa Sundaes (WSS) and Innovation Ice Cream (IIC) for a consideration A$10 million ($11.67 million).
Wendy’s Supa Sundaes is an iconic brand of desserts and treats with a store network of 209 stores (both corporate and franchised stores) across Australia and 35 stores across New Zealand. The IIC recipes are used to manufacture high quality cold dessert products such as ice-cream, slushy, powder products, frozen yoghurt and sugar infused fruit products.
The seller WSS owns the iconic brand of Wendy’s Supa Sundaes and is in the retail franchisor business of desserts and treats with a store network in Australia and New Zealand. IIC owns the IIC recipes and is in the business of the manufacturing, production and supplying of high quality cold dessert products to the retail franchise business and other third party customers.
The sellers are ultimately owned substantially by Navis Capital Partners who acquired the business in July 2006.
Global Yellow Pages said it has been striving to diversify the company’s business so as to expand its operating base and enhance shareholders’ value. In this regard, the company has been actively looking at new business opportunities outside of its existing businesses such as the areas of real estate and food and beverage. As part of this strategy the company invested in Yamada Green Resources which operates one of the largest mushroom cultivation bases in Fujian Province in China last year.
Wendy’s Supa Sundaes is a major retailer of ice-cream, drinks and snacks with over 240 stores across Australia and New Zealand. The brand of Wendy’s Supa Sundaes is well-established in Australia and New Zealand and the company believes there is significant potential for further expansion of the ice-cream retail business in Asia, especially China.
No comments:
Post a Comment