What you need to know about RFG's Crust Gourmet Pizza Bars acquisition

Amendments have been made to the Sale & Purchase Agreement.

A Retail Food Group announcement said that agreement has now been reached whereby the terms of the SPA are varied in order to provide for a fixed consideration of $41 million.

Other terms of the revised agreement include settlement on or before 30 October 2012; payment of the fixed sum consideration in two tranches; removal of the original earn-out provisions; the appointment of Crust CEO Michael Logos as RFG’s QSR Divisional director; and the immediate integration of the Crust system within RFG’s existing brand structure post completion.

RFG CEO Tony Alford said, “The revised SPA terms provide certainty to all stakeholders whilst also reaffirming RFG’s basic acquisitive prerequisites that all target businesses are Earnings Per Share (EPS) accretive and provide a sustainable platform for earnings growth.”

Meanwhile RFG has also entered into an Asset Purchase Agreement by which it will acquire four ACT domiciled pizza and pasta outlets. Each of the outlets will be converted to the Pizza Capers Brand System following completion.

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