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
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
