Boundary Bend is Australia’s leading producer of premium extra virgin olive oil and Australia’s largest olive farmer. Boundary Bend produces Australia’s two top selling extra virgin olive oil brands, Cobram Estate and Red Island, and owns 2.4 million producing trees on over 6,575 hectares of pristine Australian farmland located in the Murray Valley region of northwest Victoria. Additionally, Boundary Bend operates a bottling, storage and laboratory facility near Geelong and has groves, an olive mill, bottling facilities, laboratory and administrative offices in Woodland, California.

In FY21, the US Olive Oil business reported its first positive EBITDA result and $38.9m net sales – a growth of 29.9% on the prior year. Growth was driven by packaged goods, Cobram Estate sales up 57%, Private Label up 100%. The Australian olive oil business reported net sales down 8.6% on prior year due to lower oil supply but the record crop harvested in 2021 should support a return to top line growth in FY22. An investment in new plantings and the maturing grove profile also supports the expectation that the average EBITDA of the Australian oil division will continue increasing over time. The sales outlook is positive with increasing consumer demand for high quality extra virgin olive oil, a need that can be met by the 2021 Australian harvest. Cobram Estate Olives Limited (ASX: CBO), joined the ASX on August 11th 2021 providing investors with an opportunity to own a part of this great Australian food and agribusiness company.

Gowings initial commitment of $2.9M now holds a market value of $22M (October 2021).