Top Cut News

The joint venture, which is subject to formal documentation, has Simplot initially acquiring a majority interest in Top Cut, with the remaining interests retained by existing major shareholders who will continue to be involved in the management of the business.

Top Cut Executive Chairman George Giannarelli said “Simplot is a highly regarded player in both the retail and foodservice markets and will bring significant expertise to the table. The strategic joint venture will allow both companies to capitalise on strategic growth opportunities particularly in the foodservice market by combining their sales and marketing efforts”.

Simplot Managing Director, Terry O’Brien said “The joint venture will enable Simplot to provide our customers with a broader product offering on a national basis. Top Cut is highly regarded for delivering high quality meat and portion controlled products particularly into the commercial and institutional foodservice segments. Specifically, Top Cut’s portion control meat cuts and pre-packed chilled products will significantly build on and complement our existing customer offering.”

Top Cut Chief Executive Officer, Frank Mesiano said “The strategic relationship with Simplot will enable us to build further scale in our business. Recognising the importance of ongoing stability for our stakeholders and the growth potential of the venture, the directors, management and existing major shareholders are committed to continuing their involvement in the business to ensure its success.”

Under the leadership of Mr Frank Mesiano, Top Cut will operate as a discrete business and continue to trade in its existing locations and format.

Top Cut is a leading Australian owned foodservice group that has been operating for over 25 years with turnover in excess of $250 million. The group operates from state of the art manufacturing facilities on the Gold Coast and Melbourne, with smaller operations in major capital cities serving local markets. Top Cut has a diverse customer base, with a strong domestic national food service presence selling under brand names including Top Cut, Tender Plus, Caterfare, and Northern Rivers Meat Company. It also participates in export markets with offshore sales offices in Japan, Korea and China.

Simplot Australia is owned by the JR Simplot Company, based in Boise, Idaho.   From the humble beginnings of Idahoan potato farming founded by J.R (Jack) Simplot in the 1930's J R Simplot Company is now a multinational food and agri-business with annual sales of more than $US3 billion.

Simplot Australia manufactures, markets and sells frozen, canned and packaged foods under leading brands including Birds Eye, Leggos, Edgell and John West in both the retail and foodservice sectors.   Simplot Australia was founded in 1995 and now employs over 2000 people, has 5 Australian based manufacturing facilities and has a turnover of over A$1billion.

For more details contact:  

Mr George Giannarelli         Mr Frank Mesiano                    Mr Terry O'Brien

Executive Chairman             Chief Executive Officer            Managing Director

Top Cut Foods Limited         Top Cut Foods Limited          Simplot Australia

(03) 9372 2233                   (07) 5568 8888                       (03) 9588 3432