In addition to highlighting Steve Smith’s prosperous entry into the corporate world, this acquisition paves the way for OMG to enter new markets and take advantage of the rising demand for health-related goods around the world.
Cricket player Steve Smith of Australia has gained notoriety outside of the game after selling his plant-based milk company, Oat Milk Goodness (Good), for Rs 28.5 crore, or around $3.42 million. Smith, along with Tony Adams and Daniel Rootes, co-founded the company in 2019, and this transaction represents a major professional accomplishment for him.
Forbidden Foods makes a strategic acquisition
Forbidden Foods (ASX: FFF), a well-known manufacturer of healthful snacks, is the buyer and views this acquisition as a crucial step in establishing itself as a major force in the fast-moving consumer goods (FMCG) industry. The company wants to create a strong, multi-channel, health-focused business that serves both domestic and foreign markets by combining OMG’s product line with its own Blue Dinosaur line of protein and nutritious snack bars.
Forbidden Foods CEO Alex Aleksic stated, “The proposed transaction represents a unique opportunity to leverage the strengths of both companies.” He emphasized that by extending the company’s market reach and optimizing distribution methods, the combination is expected to boost profitability.
Steve Smith’s expansionist vision
Steve Smith was upbeat about the acquisition, saying it would be a “springboard” for Good’s expansion. Steve Smith stated, “This agreement offers Good access to capital markets and international expansion opportunities.” The company is especially eager to enter the Indian market, where Smith’s notoriety from cricket could help with brand recognition.
OMG, which is well-known for its oat milk products devoid of industrial seed oils, has already established strong ties with large chains like Woolworths and Ampol Foodary stores to gain traction in the café industry and retail marketplaces. With the acquisition, Forbidden Foods expects to grow the company’s $1.2 million yearly revenue in the near future.
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Read MoreSteve Smith Eyes Batting Position Change
Australian cricket star Steve Smith is reportedly eager to return to his preferred number four batting position for the upcoming Border-Gavaskar Trophy series against India. Smith, who has struggled since David Warner’s retirement and has had modest performances at the top of the order, is keen to shift back to a spot where he has historically excelled.
Smith has been exceptionally successful batting at number four, boasting an impressive average of 61.50 and accumulating 19 centuries in that position. A move back to number four could also mean that Mitch Marsh might be promoted to the opening slot, which would bring a fresh and dynamic element to Australia’s batting lineup. The Border-Gavaskar Trophy, starting on November 22, is expected to be a highly competitive series, and Australia will be counting on Smith to be in top form.
Solid Foundation
Forbidden Foods, which has achieved its best earnings performance since listing on the ASX in September 2020, views this deal as a crucial step toward long-term profitability. The company reported a net loss before tax of $1.085 million for the first half of FY24, reflecting a 104 percent improvement compared to the previous period.
The company continues to focus on expanding its Blue Dinosaur product range in major markets such as the Asia-Pacific region, the United States, and the Middle East. The acquisition of OMG fits into this strategy, particularly with OMG’s initial emphasis on the Indian market.
This acquisition highlights Steve Smith’s successful ventures beyond cricket and positions OMG for growth in new markets, tapping into the increasing global demand for health-conscious products.