An iconic agricultural producer in regional Victoria is the first investment for the Victorian Business Growth Fund, a landmark initiative supporting long-term growth opportunities for businesses and boosting employment and economic development across the State.
Flavorite will use the investment from the Fund to access the capital it needs to expand its operations and create more jobs.
Owners of Flavorite will now work with the VBGF’s independent fund manager, Roc Partners, to expand the business and explore new product lines and markets.
Flavorite is one of a number of regional companies that make up Victoria’s thriving agri-food sector.
Victoria is Australia's major food processing state, accounting for one third of the processed food produced by Australia. Home to 15 R&D and innovation centres, the State is a hub for food development across Asia Pacific.
The $250 million Victorian Business Growth Fund was established by the Victorian Government and First State Super. Involvement in the Fund is a Victorian-first initiative for the State as the Fund will invest in businesses on commercial terms and take an equity stake in business, rather than providing a grant.
The VGBF will also consider investing in businesses looking to expand into Victoria.
For more information about the VGBF or to enquire online, visit dtf.vic.gov.au/businessgrowthfund