16/05/2016 - 11:34

Yowie raises $32m to push US rollout

16/05/2016 - 11:34
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Perth-based confectionary company Yowie Group has tapped investors for a $32 million capital raising to fund an expanded rollout of its product in the US market.

Perth-based confectionary company Yowie Group has tapped investors for a $32 million capital raising to fund an expanded rollout of its product in the US market.

Yowie raised the funds through the placement of 35.5 million shares at 90 cents each to domestic and international investors.

“The board is delighted with the strong level of interest in the placement and continued support from new and existing institutional investors,” Yowie chairman Wayne Loxton said in a statement.

“The achievements of the company in such a short space of time is a credit to the management team and the opportunities that are ahead to create a successful global branded company are very exciting.”

In the US confectionary market, Yowie has become the number one selling novelty candy item and the third-best selling item in the total US candy market, according to a Nielsen Company report released in March.

The report also found Yowie was placed ninth in the top 10 selling core chocolate candy in the US.

Earlier this month, Yowie entered into a deal with US-based supply chain services company McLane Company to sell its product to 20,000 convenience, military and travel outlets in the US market.

It also signed a deal with US distributor Eby-Brown to include Yowie’s product in a category management program which supplies to about 10,000 independent convenience stores.

The placement was lead managed by Hartleys, with Morgans Financial and EAS Advisors acting as co-lead managers.

Yowie shares were 2.5 per cent higher to $1 each at 11:30am.

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