We are pleased to announce the sale of Advent 6’s shareholding in Botanical Food Company, the owner of Gourmet Garden, to McCormick & Company, a global leader in spices, seasoning mixes and condiments. The transaction value of A$150 million equated to approximately 12 times EBITDA, resulting in a highly successful investment for Advent 6 investors.
Gourmet Garden is a great Australian success story with its locally grown chilled herb products now sold in more than 25,000 retail outlets across 15 countries. Founded in 1999, the company has approximately 200 employees and a state of the art manufacturing facility in Queensland, Australia. At exit, the business had annual sales of more than A$70 million and was growing rapidly.
Advent’s investment in December 2013 funded the roll out of the new lightly dried product range, which is now sold across Australia, North America and Europe. The product is a world first, developed in Australia. McCormick expects to continue the double-digit sales growth through their expanded distribution, increased brand marketing and greater household penetration.
The sale of Gourmet Garden is the second exit from the Advent 6 Fund after the IPO of Integral Diagnostics in October 2015.