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Administrators have taken control of a 35-year-old fruit and vegetable wholesaler in WA.
Odeum Produce is up for sale after a notice from ASIC revealed the company’s reins were placed in the hands of Hamilton Murphy Advisory’s Stephen Dixon and Brett Orzel on Monday.
The extent of the company’s debt remains unclear.
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“Urgent expressions of interest are being sought for offers to restructure or purchase the business and assets of Odeum Produce,” Hamilton Murphy shared.
The assets of the business comprise stock, plant and equipment, and intellectual property, including the business name.
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Freshcorp Farms, another Odeum business, and Abundance Produce, which it holds a 49 per cent stake in, is not subject to administration.
Odeum Produce supplies fruit and vegetables to supermarket chains across the country and trades under brands including Sunwest Farms, Rockstar Melons and Mr Mushroom.
Their range includes beans, capsicum, chillies, melons, peas, strawberries and tomatoes, among dozens of other offerings.
The company is based in Canning Vale and has locations in Baldivis and Wanneroo. It also has affiliated farm partners in Geraldton, Carnarvon and Kununurra.
The company was launched in 1988 and reportedly generates annual revenue of more than $60 million. Odeum employs a team of 90 staff.
The potential sale is a dramatic shift from just a few years ago when Odeum Produce revealed David Lock, who was previously recognised as an “Australian export hero” by the Export Council of Australia, had been appointed chairman of the board at the same time the company was looking to expand through the acquisition of like businesses and partnership opportunities.
