SYDNEY — On July 23, global food business SunRice Group announced its acquisition of SavourLife, an Australian pet food company, expanding further into the branded pet food market. SunRice’s animal nutrition division CopRice will acquire the pet food company for $20.3 million AUD ($13.4 million USD).
Founded in 2013, SavourLife specializes in premium dog nutrition, offering a variety of complete-and-balanced foods and treats. The company’s range includes grain-free, ancient grain-inclusive, raw and wet foods, and training, strips, biscuits and dental treats. SavourLife also offers foods and treats specifically designed for puppies. All products are made in Australia.
In addition to supporting dogs through its nutritional offerings, SavourLife also aims to save and re-home abandoned dogs by donating 50% of its profits to dog rescue organizations and supporting re-homing projects. Since its inception, the company has donated more than $8 million to Australian organizations and supported the re-homing of more than 63,000 dogs. CopRice plans to support this initiative following the acquisition.
CopRice currently manufactures SavourLife’s dog food range and plans to fully integrate the pet food company into its business. CopRice also offers its own animal nutrition products, including those for horses, dogs, cats and livestock.
“This acquisition positions our CopRice business to further expand into the branded companion animal market, where we’ve seen growing demand for premium products,” said Paul Serra, chief executive officer of SunRice. “We believe that SavourLife is well positioned to continue to grow in Australia, with Australia having one of the highest dog ownership rates in the world. SavourLife will also complement CopRice’s existing products, which are known for their quality ingredients.”
Through the acquisition, CopRice will leverage its existing manufacturing and nutrition expertise to accelerate SavourLife’s growth throughout Australia.
“The acquisition will use CopRice’s existing manufacturing facilities and supply chain to improve efficiencies and provide future growth opportunities,” Serra added. “We look forward to working with Michael McTeigue, SavourLife’s founder, and the SavourLife team to continue to deliver on SavourLife’s mission of making a difference and continuing to support dog rescue groups.”
SunRice expects SavourLife to contribute to CopRice’s growth, benefiting the company’s overall EBITDA for fiscal year 2025. According to SavourLife, its 2024 revenue reached $33.4 million and adjusted EBITDA was $2.8 million.
“I am excited by the opportunity for CopRice to help continue to grow the SavourLife business, which will expand our ability to deliver on our mission,” Michael McTeigue said. “CopRice has been an important partner in building SavourLife into the business it is today, and I know that together we will build an even greater business into the future.”
Following the acquisition, Michael McTeigue will continue his role with SavourLife, alongside co-founder Kimberlee McTeigue and other SavourLife employees. According to Michael McTeigue, SavourLife has no plans to change its team, formulas, social mission or donation model.
“By being part of the SunRice Group, we will have access to the resources, pet nutrition expertise and manufacturing capabilities of one of Australia’s most experienced food companies,” he shared in a statement to consumers. “We will also have the backing of a global company that carries at its heart the farmers’ ethos of making a difference, which importantly aligns with our own values here at SavourLife.
“This will enable SavourLife to take huge strides towards achieving our mission to make sure no adoptable dog in Australia is euthanized,” Michael McTeigue added. “Dogs have always been relied on by Aussie farmers as a trusted partner, so it is only fitting that it will be farmers who will be helping rescue dogs.”
The acquisition is expected to be completed by Aug. 30, 2024.
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