Rafferty's Garden babyfood

Rafferty’s Garden babyfood brand has been bought by PZ Cussons

PZ Cussons, maker of Imperial Leather and Carex, has agreed to buy the Australian babyfood brand Rafferty’s Garden from private equity firm Anacacia for £42.2m.

Rafferty’s Garden is a premium babyfood brand with a 40% share of the wet babyfood market in Australia and a growing share of the dry food and snacks market. It also has a nascent export business in Asia.

The company achieved sales of £22.5m in the year ending 30 June 2012 and is on track to achieve growth of 10% this year. In 2011/2012 its EBITDA was £3.5m.

“The acquisition of Rafferty’s Garden marks the Group’s entry into the food and nutrition category in Asia-Pacific and the addition of another leading brand to the group’s portfolio,” said PZ Cussons CEO Alex Kanellis.

Heinz recently attempted to acquire Rafferty’s but was blocked by the authorities on the grounds that a combined market share of around 80% would reduce competition.