Maggie Beer Holdings, the gourmet foods business fronted by celebrity cook Maggie Beer, is evaluating a potential sale of its online hampers and gifts business. The company announced to the ASX on Tuesday that the strategic review was prompted by several unsolicited, non-binding approaches from external parties. Maggie Beer Holdings creates and distributes premium food products and operates an e-commerce platform. Maggie Beer herself is a director of the company.
The hampers and gifts unit, acquired in 2021 for $40 million, operates in a highly competitive, discount-driven e-commerce sector. In the six months ending December 31, the hampers and gifts division generated $34.5 million in revenue and $3.1 million in EBITDA. The company is undergoing significant changes with a new board, chaired by Mark Lindh, and substantial investment from food industry entrepreneurs Angelo Kotses and Maurice Crotti, who collectively own one-third of the company.
Angelo Kotses is known for reviving the Bickford’s cordial brand, while Maurice Crotti’s family established the San Remo pasta brand in 1936. Their investment signals a potential shift in strategy for Maggie Beer Holdings. This development comes as the company navigates evolving market dynamics and explores opportunities to enhance shareholder value.
Overall revenue for Maggie Beer Holdings is expected to be $52.9 million for the half-year ending December, slightly down from $53.8 million in the previous corresponding period. The strategic review of the hampers and gifts division remains ongoing, with no assurance that a sale will ultimately occur.
