SPC’s $111m capital funding to power the business’ focus on local suppliers

SPC Global Limited has completed a growth capital round of funding with an injection of $111 million for its next stage of development.

The growth capital is a combination of equity investments by The Australian Industry Superannuation Trust, the family office of Khalil (Charlie) Shahin AO, MD Peregrine Corporation, the sale and leaseback of the flagship SPC property in Shepparton to Charter Hall.

The leaseback of SPC’s flagship property on Andrew Fairley Avenue, Shepparton (VIC), to Charter Hall formed an integral part of the growth capitalisation program. Charter Hall has diversified Funds Under Management in excess of $80 billion.

Moving forwards, the SPC board wants Australia’s food security to be less reliant on imports and instead lean towards Australian offerings, said Robert Giles, chief executive of SPC.

“In line with our vision for continued growth, we are doing all we can to highlight Australian food and beverages internationally,” Giles said.  

“SPC has an aggressive expansion plan that includes launching new products in existing and new categories, as well as acquisition plans in Australia and overseas. We are already in talks with a few parties, and expect to complete a key acquisition during 2022.”

Charlie Shahin AO, Managing Director of Peregrine Corporation said, “our investment is a vote of confidence for SPC’s management and strategic plans, particularly the expansion of its Australian and global footprint, with the aim of replacing imports wherever possible.”

Charlie Shahin is the eldest son of Fred Shahin OAM who founded Peregrine Corporation in 1984. Its the largest private company in South Australia and operates across several industries including service stations, convenience stores, food outlets as well as farming generating an annual revenue of around $2.9 billion.

Sean McMahon, Chief Investment Officer of Charter Hall, said that they were proud to be associated with one of Australia’s most trusted and iconic brands in the food manufacturing and consumables sector.

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