Empire Beer Group is taking a step away from the hospitality industry and is hunting for acquisition opportunities in the industrial and resources sector following a near $2 million raising.
The company has undergone major changes this year, divesting its two leasehold businesses, The Royal in East Perth and the Colonial Brewing Co in Margaret River, while Computershare executive chairman Chris Morris joined the board.
In April, the company completed a rights issue that raised $1.9 million, which together with existing cash reserves, will be applied to purse business opportunities.
"The Board's strong view is that the current difficult economic environment will continue to provide opportunities for well capitalised acquirors," the company said.
"The Board of Empire has been actively seeking such opportunities both in the industrial and resources sector."
It added that it had so far conducted due diligence on at least four businesses, however none managed to meet certain investment criteria.
"We continue to evaluate companies we think are undervalued or present an opportunity to increase shareholder value."
Shares in Empire were untraded at 5.5 cents at 12:33 AEST.
