SPECIALTY supermarket chain Nosh is set to be acquired by Mad Butcher owner Veritas Investments for an undisclosed amount. Subject to shareholder, landlord and key supplier approval, the sale includes Nosh’s seven North Island stores which turn over in excess of $25 million per annum. The acquisition is Veritas’ third in 16 months, previously picking up the Mad Butcher as well as a 50% stake in Kiwi Pacific Foods. Veritas is being funded by a facility of up to $5 million with ANZ bank and plans to invest in the Nosh business and overhaul its supply chain.
"Nosh is a great brand and fits perfectly into our food service and retail investment strategy. There is a food revolution occurring in New Zealand, encouraged by a plethora of cooking shows on television and a growing base of discerning consumers with knowledge of food and an appetite for quality cuisine. Nosh is one of the best brands in this space," says Veritas chairman Mark Darrow.
The sale is expected to be completed early this month with Nosh’s 130 staff offered ongoing contracts.