Veritas Investments, which owns the Mad Butcher franchise business, has entered into a conditional agreement to buy gourmet retail chain Nosh Food Market for an undisclosed sum. The announcement coincides with Nosh celebrating eight years since its inception and opening its latest store in Pakuranga in East Auckland.
Nosh has an annual revenue of about $25 million from its Auckland region stores and one Mount Maunganui outlet, Veritas said. It employs 130 staff, who have all been offered ongoing employment as part of the contract. The acquisition is conditional on Nosh Management shareholder approval at a special meeting, as well as supplier and landlord consent.
This is the third acquisition for Veritas in the past 16 months, after it bought the Mad Butcher business in May 2013. The NZX-listed investment company, which focuses on the food and beverages sector, bought half of Kiwi Pacific Foods in December. The remainder of the business is owned by Antares Restaurant Group, which holds the New Zealand Burger King franchise.
Veritas has just reported an annual profit rise to $4.3 million in the year ended June 30.