Iconic ginger factory sold to respected food family
The iconic Ginger Factory, and associated brands, have sold for $13 million to one of the most respected families in the Queensland food business.
Buderim Group Limited announced on Thursday it completed the sale of its ginger and tourism business assets to Buderim Foods Pty Ltd, owned by Tom Himstedt.
The deal includes all of the company's ginger-related brands, the iconic tourist attraction the Ginger Factory at Yandina, as well as the Ginger Head Quarters.
The Himstedt family topped the previous bid of $8.3 million for the assets made by Adelaide-based Global Foods Group.
All staff will be offered ongoing employment under the new ownership.
Andrew Bond has transferred with the ginger division and has been appointed as non-executive director from October 1.
The Himstedt family's first taste at sweet success was its transformation of vanilla essence brand Queen.
The family acquired what is now Queensland's longest-selling food brand in 1978 and built on its Australia and New Zealand markets.
They took it international before selling to German multinational brand Dr Oetker in 2015.
"It is comforting to see that the new owner is a renowned family in the food business who will undoubtedly build on the success of the ginger division," chairman Guy Cowan said.
Commenting on the initial transaction in August, Mr Himstedt said they were excited about the potential for the business.
"We hope that with the knowledge and skills of the existing Buderim Ginger team and our interest in delivering great products, we will together create an exciting new chapter," Mr Himstedt said.
"We look forward to furthering the longstanding grower and customer relationships, as well as being an integral part of the Sunshine Coast community."
A review of the Buderim Group business prompted the decision to focus more heavily on its macadamia assets, with a focus on its MacFarms brand and its large macadamia orchard in Hawaii.
At the November 30 annual general meeting the company will seek shareholder approval to change its name to Health and Plant Protein Group.
In the first half of the 2020 financial year the ginger division's profits improved 15.3 per cent year-on-year to $1.51 million.
The Ginger Factory had to close due to the COVID-19 pandemic, but it reopened in June and a strong rebound is expected with the help of domestic tourism.