Australia’s Produce Republic has bought Melbourne-based fresh fruit and vegetable supplier In2Food out of receivership.

Produce Republic was founded by Sydney-based investment firm Remagen Capital in 2019 as a holding company for fruit supplier Aussie Frozen Fruit in Yarra Valley, Victoria, which was set up the same year.

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The company said it acquired In2Food through a competitive bidding process run by receivers FTI Consulting, saving 400 jobs.

In2Food was set up in 2018 and sources fresh produce from local farmers sold into retail, the foodservice channel, hospitality and food manufacturers. It operates ten storage, distribution and packaging facilities across Australia.

Aussie Frozen Fruit also sources fresh fruit from local farmers and has an exclusive contract with retailer Woolworths. It is headed up by CEO Brett Jackson, who is also the managing director of Produce Republic.

“We’re excited by the potential of a recapitalised and revitalised In2Food,” Jackson said in a statement. “While the business was adversely affected by Covid-19 it has outstanding fundamentals, with established supply relationships with local growers, a diverse customer base, loyal employees and an integrated national footprint.”