The Bounce protein snacks brand has been acquired by a subsidiary of Australian health-and-wellness business PharmaCare Laboratories.
Bounce Foods, based in Erina, New South Wales and registered as the Natural High Co., went into voluntary administration in July. Andy Hannagan, who set up the company in 2004 with his wife Paula, cited the “ongoing debt burden and trading conditions” for the decision.
Administrators Grant Thornton said the Bounce brand and related intellectual property have been sold to Go Natural Australia, a unit of PharmaCare, but did not disclose the purchase price.
“As administrators we are glad to have been able to support the brand during the voluntary administration process and to find a suitable buyer who appears motivated to see the brand continue,” Grant Thornton said in a statement.
Family-owned PharmaCare said Bounce will sit alongside its Go Natural brand.
“The first priority of the acquisition will see PharmaCare focus on driving continuity with Bounce’s existing customer network to support consumer demand in the Australian market,” the company said in its own statement.
Woolworths and Coles were among the Australian retailers selling the Bounce range of filled protein balls, protein and energy bars and cookies.
A spokesperson for PharmaCare confirmed the two retailers will feature in the continuity process, which includes “reviewing the product range and focusing on core products loved by customers, such as the Bounce protein balls”.
Mr Hannagan and his wife had expressed an interest in staying with the business under a new owner. However, the PharmaCare spokesperson informed Just Food:
“Employees were not acquired as part of the Bounce acquisition, as the brand was in liquidation at the time of sale.”
PharmaCare CEO Glenn Cochran said: “This announcement underscores PharmaCare’s commitment to grow through local acquisition. We have a strong team of experts in the natural-health sector who are already putting their collective minds behind the success of the brand to support Bounce customers to achieve a seamless transition of ownership.
“This involves reviewing the product range and focusing on 11 core products.”
Sydney-based PharmaCare was founded in 1985 and supplies a range supplements such as the Nature’s Way brand, and other healthcare products. The portfolio also features the FatBlaster line of protein powders and low-carb cookies. In 2018, the company acquired Go Natural, a producer of protein bars and crisps.
