In January 2018 Next Capital completed the acquisition of Noisette Bakery (“Noisette”), a Melbourne based artisanal commercial bakery. Noisette is Victoria’s largest wholesale artisanal baker, supplying 1,350 customers throughout Melbourne and regional Victoria. The Business sells a range of cakes and pastries (predominantly croissants) to a diversified range of customers while also operating two retail sites in port Melbourne and Bentleigh.

Noisette has a unique baking and production process, balancing manual handmade steps and automated processes, allowing it to provide a quality artisanal product across 250 SKUs. The wholesale business operates one of the largest baked fresh daily operations in Australia, running 24/7 from a 2,800 sqm production facility in Dandenong, Victoria. The customer base is highly diversified with customers include cafes, restaurants, hotels, food service and independent supermarkets.

Investment highlights include:

  • Noisette’s market leading position in the niche artisanal baking industry
  • Attractive industry fundamentals including exposure to Australia’s growing and diverse food service industry
  • Strong core business return on capital and organic growth profile
  • A range of capital led growth opportunities available in the medium term which can materially increase the scale of the business