Longtable Group, an Australia-based food and beverage business that owns the Maggie Beer gourmet brand, announced its chief executive and managing director Laura McBain will step down.
McBain, who previously headed up infant-formula maker Bellamy’s Australia before departing in 2017, will be replaced by acting CEO Chantale Millard, according to a statement from Melbourne-based Longtable.
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The departing CEO has had some success in reviving the financial fortunes of the Longtable Group, which also owns struggling organic dairy business Paris Creek Farms and the more profitable Saint David Dairy.
Maggie Beer manufactures pate, fruit pastes, jams, sauces and cheese from its site in Barossa Valley, South Australia. Longtable took full control of the company in April having acquired a 48% stake in 2016. In its latest annual results, the business reported a 9% increase in sales to AUD20.9m (US$14.4m) and generated EBITDA of AUD2m. It also plans to expand into plant-based products.
Paris Creek, which supplies fresh milk, yogurts and cheeses, was acquired by Longtable in 2017 but has been the recent under performer for the group, delivering an EBITDA loss of AUD3.9m as sales turned 13% lower.
“We have worked hard to re-position Paris Creek Farms in fiscal 2019,” McBain said in an earnings release published in August. “Through rebranding, increasing our range and distribution nationally, as well as implementing a successful cost-out strategy, the business has turned the corner and returned to growth in the last quarter of fiscal 2019.”
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By GlobalDataSaint David Dairy operates in a similar vein to Paris Creek but produces “premium” dairy products such as single-source milk, yogurts, cream and butter. The business, which Longtable bought last August, posted a 23% increase in its most recent annual sales to AUD7.2m and an AUD1.1m EBITDA profit.
Longtable chairman Tony Robinson commented on the CEO’s departure: “Laura has done a tremendous job over the past two years putting together three premium food and dairy brands, building an experienced FMCG team, and laying the foundations for the company’s growth in Australia and into overseas markets. Maggie Beer, Paris Creek Farms and Saint David Dairy are unique brands and the board continues to believe that they provide strong growth opportunities ahead.”
In the statement announcing her departure, McBain said she had turned around the performance of Maggie Beer, and was “well progressed” with a turnaround at Paris Creek. Longtable is pursuing “growth opportunities” for Saint David Dairy, she added.
Longtable, which is listed on the Australian Securities Exchange, has a target to achieve group revenues of AUD70m by fiscal 2022, compared to AUD25.6m in its latest accounts, along with an EBITDA margin of low double digits.
