South Australian cordial maker Bickford’s, owned by the Kotses family, has become the largest shareholder in Maggie Beer Holdings, taking a 19.99% stake in the struggling gourmet food company as part of plans to help turn it around.
Led by Angelo Kotses, Bickford’s spent $2.7 million last week to lift its holding just below the 20% takeover threshold. The company now plans to seek a board seat at Maggie Beer Holdings to support a strategic overhaul.
“Our interest in Maggie Beer Holdings stems from the belief that the company’s intrinsic value is not fully reflected in its current market capitalisation,” said Bickford’s head of sales, marketing and hospitality Chris Illman.
He added that Bickford’s aims to bring its fast-moving consumer goods (FMCG) expertise to help sharpen decision-making, drive efficiency and accelerate growth.
Founded in 1874, Bickford’s has grown from a cordial producer into a major beverage and hospitality group through Vok Beverages, which owns brands such as Beresford Estate, 23rd Street Distillery, and Vale Brewing.
Maggie Beer Holdings has struggled in recent years, posting a $24.3 million loss in the year to June after writing down assets and selling off its loss-making Paris Creek Farms business for $500,000.
Its shares, which have fallen 90% since 2022, rose 8.3% on Tuesday following news of the Bickford’s investment.
Chairman Mark Lindh welcomed the partnership, saying the board looks forward to working with Angelo Kotses and his team, who bring “significant experience in growing FMCG and premium food and beverage businesses.”
Food icon Maggie Beer, though no longer involved in daily operations, remains on the company’s board and continues to hold shares.
Source: The Advertiser.
