Food processor SPC is in the process of selling its iconic Shepparton factory and leasing it back in a bid to grow capital and help launch the business globally.
SPC chairman Hussein Rifai confirmed the factory was in the process of being sold to an Australian investor as part of a recapitalisation plan to to raise funds to develop new products and help break into international markets.
The sale of the Andrew Fairley Avenue factory comes two years after SPC was purchased from Coca-Cola Amatil by investment group, Shepparton Partners Collective, for $40 million.
"It's a natural progression of the business... the next stage is expansion," Mr Hussein told the Victorian Country Hour.
"The first two years, the capital we brought in was really to acquire the business," he said.
"(The next step) is the expansion both in national and international.
"We haven't been shy in announcing we want to take this business global.
"You can't do that for free so the next stage needed capital."
Shepparton Partners Collective has domestic and international experience in food, supply chain, finance, retail, agri-business and technology.
Mr Hussein said SPC would also be developing new products, which would benefit the Shepparton site and its 450 workers.
"We are committed to Shepparton and the people there, they are our friends, family, and community," he said.
"if anything (the site) needs to expand its capacity, and capability... they have a reason to be optimistic and happy."
Annabelle Cleeland
Annabelle Cleeland is a Stock & Land journalist. She has worked at Australian Community Media for more than a decade serving in a number of roles including editor, senior journalist and national sheep & wool writer. She runs a fine Merino wool property with her young family in North-East Victoria.
Annabelle Cleeland is a Stock & Land journalist. She has worked at Australian Community Media for more than a decade serving in a number of roles including editor, senior journalist and national sheep & wool writer. She runs a fine Merino wool property with her young family in North-East Victoria.
