M&A Partners announces successful sale of Wallaby Foods

Source: Australian Financial Review (https://www.afr.com/street-talk/soulfresh-squad-acquires-byron-bay-based-healthy-snack-maker-20250309-p5li5m)

Soulfresh Global founder Didi Lo has made millions from selling healthy snacks and beverages to Australians since setting up shop in 2003. And he’s sticking with the theme when it comes to investing his private wealth.

Street Talk understands Lo has led a consortium bid for Wallaby Foods, whose factory in Byron Bay Shire supplies Coles and Woolworths.

The business, which has plans to expand globally, focuses on cold-pressed and kettle-cooked snacks that are vegan, gluten- and peanut-free, and made from natural ingredients.

Lo, one of Australia’s most experienced healthy snacking entrepreneurs, is joined by Stephanie Booth, formerly general manager at Soulfresh.

The consortium also includes James Wain, an investment director at ICM Investments who was installed as Soulfresh’s chief financial officer by British technology and consumer investor True after it tipped $50 million into the group in 2019.

Spring Street Equity Partners, a Melbourne-based family office with ties to ICM, rounds off the bidder consortium.

Lo and Wain will own 35 per cent each of Wallaby Foods, while Booth will have 20 per cent and ICM Investments Pty Ltd will own 10 per cent, according to accounts filed with ASIC for Mighty Good Pty Ltd, which was registered last month. All three are directors.

The acquisition follows a sale process overseen by M&A Partners’ Antony Lynch. The auction attracted interest from a wide range of suitors including financial sponsors, before Lo’s consortium won the day, sources said.

Private equity firms love nibbling on businesses that sell healthy snacks and meals, given the tailwinds provided by greater awareness around better diets and the markups that can be placed on products of this ilk.

TPG Capital in 2021 bought Nutrient Water-owner Made Group in a PE shootout, while Quadrant Private Equity owns My Muscle Chef.