Iconic book retailer Dymocks, which is owned by Rich 200 veteran John Forsyth, has continued with its diversification strategy, buying a Victorian-based chocolate and nut producer.
The acquisition of Paton’s makes Dymocks the owner of Australia’s largest producer and distributor of chocolate-coated macadamia nuts. The business, which is run by Craig Paton, exports to more than 80 countries.
A price for the deal was not disclosed. Dymocks already owns Arapala Macadamia Farms, which is located on NSW’s mid-north coast.
Dymocks has been diversifying its investment portfolio in recent years under chief executive Don Grover.
In February last year it bought 80% of sandwich franchise chain Healthy Habits, with the remaining 20% still owned by founder Katherine Sampson.
The company has also been adding to its portfolio of commercial property, and said in a statement yesterday that it is “currently in the market to add $100 million to its portfolio”.
Grover was not available to comment prior to publication, but said in a statement that Dymocks will invest in Paton’s business.
“With our strong retailing experience and our proven track record in managing brands, we will invest in the Paton’s brand to develop growth opportunities and increase distribution channels for its range of quality products.”
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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