In January 2018 Next Capital completed the acquisition of Noisette Bakery (“Noisette”), a Melbourne based artisanal commercial bakery. Noisette is Victoria’s largest wholesale artisanal baker, supplying customers throughout Melbourne and regional Victoria. Noisette has a unique baking and production process, allowing it to provide quality artisanal product across 250 SKUs fresh baked daily. The wholesale business operates one of the largest baked fresh daily operations in Australia, running 24/7 from a dedicated production facility in Dandenong, Victoria. Noisette’s customer base is highly diversified with customers include cafes, restaurants, hotels, food service and independent supermarkets.

Investment highlights include:

• Noisette’s market leading position in the niche artisanal baking industry
• Attractive industry fundamentals including exposure to Australia’s growing and diverse food service industry
• Strong core business return on capital and organic growth profile
• A range of capital led growth opportunities available in the medium term which can materially increase the scale of the business