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SPC Global lands $250m dairy supply deal in Asia

Australian food and beverage business SPC Global (ASX: SPG) has broadened its reach into Asian markets after locking in a “landmark” exclusivity agreement for its dairy products with leading Asian retailer, Dairy Farm Company. 

The partnership is expected to generate $250 million in revenue for SPC over its 10-year term. 

It marks the first major deal since SPC’s recent merger with The Original Juice Company and Nature One Dairy, which also saw the subsequent acquisition of Natural Ingredients – a bulk supplier of fruit, vegetables, and juices.

The new agreement with Dairy Farm Company – executed through SPC’s international business division Nature One Dairy (NOD) – will see NOD supply its high-quality dairy products to Hong Kong’s largest health and beauty retail chain, Mannings.

More broadly, NOD’s products which include powdered milk will now become accessible across a vast network of more than 320 Mannings outlets in Hong Kong and Macau.

SPC Global Managing Director, Robert Iervasi, said:

“This partnership highlights NOD’s dedication to delivering premium products worldwide, while further strengthening its position throughout Asia. With our recently announced merger and the exclusive partnership with Mannings now in place, NOD is set to play a central role in SPC Global’s vision of building a global food powerhouse.”

Dairy Farm Company operates in Asia under an umbrella of well-known brands spanning a host of sectors such as food, convenience, health and beauty, home furnishings, and restaurants. 

The group runs about 11,000 outlets including associates and joint venture partners, which are supported by around 200,000 staff. Its revenue in 2023 surpassed US$26 billion.

Its Mannings brand is considered a trusted name for health and wellness products in Hong Kong and Macau, as well as mainland China where more than 120 stores are present.

NOD Chief Executive Officer, Nick Dimopolous, said:

“We’re delighted to establish a long-term partnership with such a reputable retailer as Mannings. This agreement will allow us to expand our relationship by supplying more high-quality products throughout Mannings’ extensive retail network. We look forward to growing together in the years to come.”

The agreement with Dairy Farm Company builds on SPC’s stated long-term strategy of becoming a global leader in the food and beverage sector, as reported after concluding its $342 million merger with The Original Juice Company and Nature One Dairy last month.

This merger is expected to bring about direct cost savings and production efficiencies for the combined business which is projected to generate more than $400 million in revenue in FY25 alone.