The Remarkable Milk Company will buy the Geelong based Organic Dairy Farmers Australia (ODFA), after that company went into receivership.
Deloitte Restructuring Services partner Tim Norman said there had been a huge amount of interest in acquring the business, indicating a strong future, under the new ownership.
"Both RMC and ODFA had a number of strategic arrangements already in place," Mr Norman said.
The acquisition of the ODFA processing assets by RMC set up the North Geelong site for long-term, sustainable success.
"We look forward to working with RMC over the coming weeks to transition ownership and control of operations to maximise the outcome from the receivership for all stakeholders including employees, suppliers and creditors,' Mr Norman said.
Sal Algeri and Mr Norman were appointed joint and several receivers and managers of ODFA, on May 22.
They identified nearly 90 interested parties, in taking over the business.
RMC will now take ownership and control of ODFA's dairy processing operations at its north Geelong facility.
Remarkable Milk Company was established in 2018 with the objective of creating the leading Asia-Pacific brands business backed by Australian dairy industry specialists.
The purchase includes the land, processing facility and all brands and trademarks.
Remarkable Milk Company were one of ODFA's major customers and also had licence agreements for their True Organic and Remarkable range of products.
Together with their branded products Remarkable Milk has agreements in place with major retailers and as such the acquisition of these assets will directly support Remarkable Milk Company's contracts with Aldi and the Geelong facility will assist in increasing Remarkable Milk Company's volume.
Remarkable Milk Company intends to utilise the purchased ODFA facility to invest in further developing the skills of employees to ensure a successful career in the Australian dairy Industry.
Remarkable Milk's chief executive Alastair McCredden said the company's aim was not just to offer jobs, but but a future for Geelong families.
"Our shareholders are families and they understand the importance of thinking in generations rather than just for tomorrow," Mr McCredden said.
The purchase does not include the current contracted farms supplying ODFA, but Remarkable Milk Company is looking to work with these farms to provide them with a secure source for their milk supply.
"The acquisition supports Remarkable Milk Company's commitment to creating a sustainable Australian owned dairy industry to ensure premium quality products," Mr McCredden said.
"While there will be challenges, we are sure with the support of the community, our milk suppliers, customers and our fantastic team, we will build this business to be a key pillar in the Geelong economy and key part of the wider Dairy landscape in Australia".
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