The acquisition of SavourLife is part of CopRice’s strategy to expand investment in the branded companion animal sector. Photo: SavourLife

THE SUNRICE Group’s CopRice business will expand further into the branded pet food market after purchasing Australian company, SavourLife, for $20.3 million.

In a statement to the ASX, SunRice said the acquisition was in line with CopRice’s strategic objective to further expand into brands supplying food for companion animals.

“The acquisition will utilise CopRice’s existing manufacturing and nutrition capabilities to help accelerate the growth of SavourLife while continuing to deliver on its social mission,” the statement said.

“This investment demonstrates the SunRice Group’s ongoing execution against its strategy to move into branded products.”

SunRice Group chief executive officer Paul Serra said the company had seen “growing demand for premium products” in the market.

“We believe that SavourLife is well positioned to continue to grow in Australia, with Australia having one of the highest dog-ownership rates in the world,” Mr Serra said in a statement to the ASX.

“SavourLife will also complement CopRice’s existing products, which are known for their quality ingredients.”

Mr Serra said CopRice was already a supplier of SavourLife and had been manufacturing some of its food products for the past three years at the pet food plant in regional New South Wales.

“The acquisition will use CopRice’s existing manufacturing facilities and supply chain to improve efficiencies and provide future growth opportunities.

“We look forward to working with Michael McTeigue, SavourLife’s founder, and the SavourLife team to continue to deliver on SavourLife’s mission of making a difference and continuing to support dog-rescue groups.”

Mr McTeigue said the sale was an opportunity to further grow the SavourLife brand.

“I am excited by the opportunity for CopRice to help continue to grow the SavourLife business, which will expand our ability to deliver on our mission,” Mr McTeigue said in a statement.

“CopRice has been an important partner in building SavourLife into the business it is today, and I know that together we will build an even greater business into the future.”

Mr McTeigue will continue in his role with SavourLife, alongside co-founder Kimberlee McTeigue and all other SavourLife employees who will remain in the business.

Completion of the transaction is expected to occur by 30 August 2024, pending satisfaction of a number of standard conditions precedent.

This is CopRice’s most significant acquisition since the purchase of Gunnedah-based equine feed manufacturer Pryde’s EasiFeed in January 2022.

Before that acquisition, CopRice purchased Ingham’s New Zealand dairy feed business in early 2021 and Victorian beef and dairy feed supplier Riverbank Stockfeeds in August 2020.

Source: SunRice