Fund managers including Raper Capital have invested in SPC Global Holdings Ltd (ASX:SPG).

Raper Capital says the Mill Park juice consolidation, completing in October 2026, should add about A$8 million of EBITDA in FY27 on its own, more than the full guided uplift, with around A$16 million of identified savings in total and its own model sitting well above consensus. Raper expects leverage to fall to around 1x by the December 2026 balance date, with interest costs down by roughly two-thirds, and believes post-raise forced selling has largely been absorbed. It also sees an eventual sale of the brands to strategic buyers such as Bega, singling out Nature One Dairy's high-margin international infant formula business as scarce strategic value.

Raper Capital acknowledges that FY27 guidance could be missed, given revenue fell 12% in FY26 and major supermarket customers are uncontracted. It also notes that the free cash flow measure is management's pre-working-capital figure, capex is running below depreciation, a sub-underwriter overhang may cap gains near the 10c raising price, and no takeover process has been announced. Raper flags very thin liquidity and a troubled history including a restated FY25 result, a February 2026 going-concern flag and litigation against a former chairman, and later noted the CEO has taken personal leave.

SPC Global Holdings Ltd is a Melbourne-based food and beverage company founded in 1918 with operations and exports across Australia, New Zealand, North America, China, Japan, Southeast Asia and the Middle East. Segments: SPC, The Original Beverage Co and Nature One. Brands include SPC, Goulburn Valley and Ardmona (processed fruit, tomatoes, baked beans, spaghetti); Street Eats and Good Meal Co (frozen meals, snacks); The Original Juice Co. and The Juice Lab (juices, wellness shots); and Nature One Dairy, WhiteH2O, Fortiplus and Ripple (infant and nutritional formula, milk powder). It supplies concentrates and produce ingredients to industrial and foodservice customers.