Acquisition of Beefys Pies and Senior Debt Extension

Retail Food Group Limited (ASX: RFG) has announced the acquisition of Beefy’s Pies for a total consideration of AU$10 million, aiming to capitalize on Beefy’s strong brand and growth potential. The deal involves an upfront cash payment of AU$5.5 million, AU$2.0 million in RFG equity, and deferred cash payments. Beefy’s is expected to contribute approximately AU$18 million in revenue and AU$2.5 million in EBITDA in FY24.

RFG plans to consolidate Beefy’s for around six months in FY24 and explore franchise opportunities. Additionally, RFG secured a AU$20 million Facility B extension for future growth and working capital. The acquisition is seen as a strategic move for RFG's inorganic growth, providing diversification and leveraging existing systems for economies of scale.

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