Soulfresh consortium acquires Byron Bay healthy snack maker
Soulfresh Global founder Didi Lo has headed a consortium to purchase Wallaby Foods, a Byron Bay-based manufacturer specialising in healthy snacks. The acquisition aligns with Lo’s ongoing focus on health-oriented food and beverage investments.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Acquisition
Investors: Consortium comprising Soulfresh founder Didi Lo, former Soulfresh general manager Stephanie Booth, investment director James Wain from ICM Investments, and Spring Street Equity Partners
Wallaby Foods produces cold-pressed and kettle-cooked snacks that are vegan, gluten-free, peanut-free, and made from natural ingredients. Its products are stocked by major supermarket chains Coles and Woolworths. Wallaby Foods plans further international expansion.
Didi Lo founded Soulfresh Global in 2003, building a successful business selling healthy snacks and beverages. Joining Lo in the investment consortium is former Soulfresh general manager Stephanie Booth. Also involved is James Wain, an investment director at ICM Investments. Wain was appointed Soulfresh’s chief financial officer following a $50 million investment into Soulfresh by UK-based technology and consumer investor True in 2019. Spring Street Equity Partners, a Melbourne-based family office affiliated with ICM, completes the consortium.
According to ASIC filings, Lo and Wain each hold 35 per cent of Wallaby Foods. Booth has a 20 per cent stake, and ICM Investments Pty Ltd owns 10 per cent. The ownership structure is held under Mighty Good Pty Ltd, registered in February 2025, with Lo, Booth and Wain serving as directors.
The sale process was managed by Antony Lynch from advisory firm M&A Partners. It reportedly drew significant interest from various financial buyers before the consortium successfully secured the acquisition.
Healthy snack companies continue to attract strong private equity interest, driven by growing consumer demand for nutritious diets and premium pricing opportunities. Notable previous transactions include TPG Capital’s 2021 acquisition of Nutrient Water’s owner, Made Group, and Quadrant Private Equity’s ownership of My Muscle Chef.
