The Murray River has been through many droughts in its history. It is a long and winding river that flows upstream from the mountains to the ocean.
The ASX-listed company produces, markets, and sells organic food products. It offers grapes, nuts, chia seeds, dried vine fruits, and ginger. It serves customers worldwide.
Defendants: Murray River Organics
Murray River Organics is an Australian grower, processor, manufacturer, and seller of organic and better-for-you foods. Its mission is to make organic, healthy, and sustainable choices available for consumers across Australia and the world.
The company recently announced a branded ranging contract for eight new products with Coles. The deal will generate revenue of $5 to $6 million per annum. The company is based in Dandenong South, Victoria.
The company is stepping away from the breakfast aisle to enter the $1.3 billion confectionery market. It worked with design agency What Came Next and Melbourne-based RollsPack to develop the packaging. The result was PET canisters with a gloss varnish and bold colours.
Defendants: KordaMentha
KordaMentha is a specialist advisory firm assisting clients to grow, protect and recover value. The company has over 400 staff and offices throughout Australia. Its team of experts provides a range of services to its clients, including helping them manage risk and mitigate reputational damage.
The new packaging was developed in collaboration with design agency What Came Next and Melbourne-based RollsPack. The doypacks use a metallic PET material and a mix of earthy and modern brand colours.
Despite the bleak outlook, Murray River Organics still believes it can deliver its vision of bringing organic and better-for-you products to mainstream Australian consumers. The Company has also launched a revolutionary Grower Program that puts cash in the hands of fruit growers up to nine months faster than historically.
Defendants: Erling Sorensen
Sorensen was a sportsman who loved to coach youth sports and spent his summers traveling with his family. He enjoyed watching his grandchildren compete in sports and would talk about them until the day he died.
In January, the company released an external investigation by KordaMentha alleging poor practices in the Mildura operations overseen by senior management, such as not weighing fruit bins. It also said that two founders, Erling Sorenson and Jamie Nemtsas, were no longer director material. These accusations prompted a tense letter to shareholders from the current board. They were accused of bringing the company down and damaging its reputation.
Defendants: Birol Akdogan
The CEO and managing director of Murray River Organics have both resigned, with the company’s CFO Birol Akdogan taking over in the interim. The Sydney-listed business counts Premium Australian Clusters among its brands.
MRG has made some bold moves in recent times, including launching branded products in the breakfast aisle and entering the $1.3 billion confectionery market with its Mylk Chocolate range. The brand worked with design agency What Came Next and Melbourne-based RollsPack to create the packaging for the product range.
Birol Akdogan is a corporate finance executive with more than 25 years of experience in ASX-listed companies. He is a member of the Australian Institute of Chartered Accountants.
Defendants: Valentina Tripp
Valentina Tripp is an experienced leader with a broad 30 year career across Australia and internationally. She has held senior management roles in food and water industries including managing director of Davey Water Products. She is also a member of the APEC Policy Partnership on Food Security and an International Board Director of Marine Stewardship Council.
She is an active shareholder in agribusiness companies including a significant position in Murray River Organics. Her expertise in business transformation, strategy, customer growth and operational and financial turnarounds is extensive. She is a strong believer in the power of collaborative partnerships to deliver innovative, high-performing and sustainable businesses.
Defendants: Costa Group
Costa Group is an Australian horticulture company that produces mushrooms, berries, glasshouse grown tomatoes, citrus and avocados. It also provides chilled logistics warehousing and services in Australia. The company’s products are sold in major supermarkets throughout the country.
In a nod to their earthy brand colors green was integrated into the workstation design to keep the look clean. Shared storage was also implemented to keep work surfaces minimalist.
The founders, Erling Sorenson and Jamie Nemtsas, have sold down their substantial stakes but remain substantial shareholders. Costa is now owned by an experienced North American-based consortium led by Paine Schwartz Partners and Driscoll’s. The consortium has a strong track record in investing in premium fresh produce companies.