Melbourne-based confectionery manufacturer, Betta Foods, has entered voluntary administration, just three months after being acquired by British Private Equity firm Re: Capital.
Betta Foods, which operates under the Capricorn brand producing ice cream cones, Eskimo marshmallows and jellies, has revenues of approximately $40m per year and employes 180 people at its Broadmeadows plant.
The company was established in 1954 and supplies Coles, Woolworths and Aldi stores and also exports to New Zealand, Canada, the United Kingdom and the United States.
Re: Capital bought Betta Foods for an undisclosed sum in October 2014 and it is the second Victorian confectionery company owned by the firm to go into admistration in the last week.
The second company, North Coburg-based chocolatier, Ernest Hillier, was bought by Re: Capital for $11m in February last year but the company went into administration last week.
Accounting firm Cor Cordis has been appointed voluntary administrator of both companies.
According to the ABC, administrator Bruno Secatore said Betta Foods will continue to trade as usual and is hoping to find a buyer.
A creditors meeting for those owed money by Betta Foods will be held on Friday.
