One of Australia’s top manufacturers and distributors of fresh meat products to the foodservice market, Top Cut Foods, and food giant Simplot Australia have entered into a strategic joint venture.
The joint venture, which is subject to formal documentation, will see Simplot initially acquiring a majority interest in Top Cut, with the remaining interests retained by existing major shareholders who will continue to be involved in the management of the business.
Top Cut executive chairman, George Giannarelli, said Simplot was a “highly regarded player in both the retail and foodservice markets and will bring significant expertise to the table”.
“The strategic joint venture will allow both companies to capitalise on strategic growth opportunities particularly in the foodservice market by combining their sales and marketing efforts,” he said.
Simplot managing director, Terry O’Brien, said the joint venture will enable Simplot to provide its customers with a “broader product offering on a national basis”. “Top Cut is highly regarded for delivering high quality meat and portion controlled products particularly into the commercial and institutional foodservice segments,” he said. “Specifically, Top Cut’s portion control meat cuts and pre-packed chilled products will significantly build on and complement our existing customer offering.”
Top Cut will continue to operate under the leadership of chief executive officer, Frank Mesiano in its existing location and format.
Top Cut has been operating for more than 25 years and has a turnover of more than $250m. It operates from manufacturing facilities on the Gold Coast and in Melbourne, with smaller operations in major capital cities serving local markets. It’s foodservice brand names include Top Cut, Tender Plus, Caterfare, and Northern Rivers Meat Company. It also participates in export markets with offshore sales offices in Japan, Korea and China.
