Bickford’s has tightened its grip on Maggie Beer Holdings Ltd (ASX:MBH), lifting its stake to 19.99% after a fresh $2.7 million purchase last week—parking just below the 20% trigger for a formal takeover bid. The move makes the Kotses family–backed beverages house the ASX-listed gourmet group’s largest single shareholder.
Positioning itself as a hands-on investor, Bickford’s now wants a voice in the boardroom to help steer a turnaround after several tough years at MBH. Bickford’s Group head of sales, marketing and hospitality Chris Illman said the investment reflects a conviction that the market is undervaluing the brand stable. “Our interest in Maggie Beer Holdings stems from the belief that the company’s intrinsic value is not fully reflected in its current market capitalisation,” he said.
“With significant FMCG (fast-moving consumer goods) experience, Bickford’s is well positioned to assist the board in refining strategic priorities, optimising brand performance, and realising the full potential of the business for shareholders.
“Bickford’s is looking to bring its proven FMCG capability, disciplined commercial approach, and deep experience in brand and product development to Maggie Beer Holdings. We believe our practical industry knowledge can help sharpen decision-making, drive efficiency, and accelerate growth.”
Brand growth pending
Illman pointed to immediate levers within MBH’s control—“innovating in growth categories, disciplined cost management and supply chain optimisation”—while stressing that “at this stage” a full takeover is not being pursued.
The heritage drinks company, whose cordial dates back to 1874, has broadened through sister company Vok Beverages, adding premium assets such as Beresford Estate in McLaren Vale, 23rd Street Distillery and Vale Brewing—experience Bickford’s says it can translate to MBH’s pantry-led portfolio.
MBH, inspired by South Australian culinary icon Maggie Beer, has battled to convert brand fame into consistent sales across jams, chutneys, condiments and other gourmet lines. Its 2017 foray into dairy via Paris Creek Farms ended with a sale earlier this year for $500,000 to Katoomba Global Foods after an original $34 million outlay. For the year to June, MBH booked a $24.3 million loss, narrowing from $28.2 million, with restructuring, asset sales and cost-cutting underway. Shares firmed 8.3% on Tuesday to 6.5c but remain about 90% lower since 2022. Beer remains on the board and a shareholder but is not involved day to day.
Chairman Mark Lindh said MBH sees upside in partnering with Bickford’s leadership. “We see it as a very exciting development that Angelo has taken a substantial stake in the company,” he said. “He and his team have significant experience in growing FMCG and premium food and beverage businesses and we are hopeful we can draw on these skills to continue to grow the Maggie Beer Holdings Limited group.”