The owner of Donut King and Gloria Jean's cafes has gobbled up coffee roaster Di Bella, and has an appetite for more.
Retail Food Group has struck a $30 million-plus deal to buy Di Bella, which will boost its coffee production by 30 per cent.
The purchase comes just a month after RFG's $164 million takeover of Gloria Jean's.
Chief executive Tony Alford says Gloria Jean's was a big prize for the company, and Di Bella expands the business into new commercial areas.
"During the Gloria Jean's due diligence process we put a strategy together of how we'd like to penetrate the market and we knew then that there was a Di Bella-type business that was missing," he said after RFG's annual general meeting on Tuesday.
"Di Bella covers a segment we don't have at the moment, the commercial segment such as cafes, restaurants, convention centres and the airlines."
Recent acquisitions have significantly boosted Retail Food Group's size, and it is on the lookout for more.
The group's other businesses include Michel's Patisserie and Brumby's Bakery.
"We never stop investigating acquisition opportunities," Mr Alford said.
"At any one time there would be five or six targets, but you just distil down to say 'that's the prize', and Gloria Jean's is the classic example where there were three or four other acquisition opportunities at that time."
One shareholder raised concerns about the impact of the company's acquisitions on its debt, but Mr Alford said the group was in a strong position.
The takeovers have improved the group's cash flow and profitably, and its ability to pay debt and dividends, he said.
There is one company not on the menu, however.
Executives were asked during the AGM if they were interested in Pie Face, the cafe chain that has appointed administrators.
The response was no.
Mr Alford said RFG remained interested in Italian restaurant chain La Porchetta, despite terminating a deal earlier this month after completing due diligence.
Talks between the two companies are continuing.
RFG'S BUYING SPREE:
* 2011: NZ's Esquires Coffee, Evolution Coffee Roasters
* 2012: Pizza Capers, Crust Gourmet Pizza, The Coffee Guy
* 2014: Gloria Jean's, Cafe2U, Di Bella Coffee
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