The joint venture, which is subject to formal documentation, has Simplot initially buying 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 is 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”.
Simplot Managing Director, Terry O’Brien said: “The joint venture will enable Simplot to provide our 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. Specifically, Top Cut’s portion control meat cuts and pre-packed chilled products will significantly build on and complement our existing customer offering”.
Under the leadership of Mr Frank Mesiano, Top Cut will operate as a discrete business and continue to trade in its existing locations and format.
Top Cut is a leading Australian owned foodservice group that has been operating for over 25 years with turnover in excess of $250 million. The group operates from state-of-the-art manufacturing facilities on the Gold Coast and Melbourne, with smaller operations in major capital cities serving local markets. Top Cut has a diverse customer base, with a strong domestic national food service presence selling under brand names including 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.
