Blue Sky gives wing to Lenard’s
Boutique fund manager Blue Sky has continued to add to its diverse range of investments by buying a stake in food retailer Lenard’s.
The capital injection into the chicken retailer will be used to develop a new concept store called Lenard’s Extra, which will sell a range of fresh meats.
Blue Sky Private Equity investment director Robertson Brooks said the investment was in line with its strategy of investing in Queensland companies.
“Lenard’s started in Brisbane and has grown into an established, profitable brand with an annual network turnover of $140 million and 180 retail outlets,” he said.
“It is Australia’s largest independent retailer of meat products and is now well positioned for future expansion as the grocery sector focuses on fresh food.”
This is the fifth deal for Blue Sky since its inception in July 2006.
The fund manager has invested in a restaurant on Bondi Beach, a macadamia farm, a luxury motor home manufacturer and an industrial services provider.
“We invest in long-term or growth trends such as fresh food or baby boomers spending big on retirement,” Brooks said.
“We look for innovation, whether that is branching out in terms of product offering or introducing the fast casual dining concept to Australia.”
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
