Ironbridge, a leading independent Australian private equity manager, and Mrs Crocket's Kitchen, a leading Australian supplier of fresh chilled prepared foods, today announced that Ironbridge has invested in Mrs Crocket's to support the growth of its expanding business in Australia.

Mrs Crocket's is an Australian owned and operated fresh chilled foods manufacturing and distribution company with an annual turnover of $100 million and more than 400 employees. The company has a full scale manufacturing plant in Brisbane and distribution facilities across the country.

The investment announced today follows the recent acquisition by Mrs Crocket's of The House of Winston, a fresh soups and risottos supplier. Further acquisition opportunities are already under active consideration.

Managing Partner of Ironbridge, Paul Evans, said that the investment in Mrs Crocket's represents an ideal opportunity for Ironbridge to participate in the growth of a retail segment in Australia that, by international benchmarks, has significant upside.

"Mrs Crocket's is a well established brand with a leading market position, led by a quality, experienced management team overseeing a tightly run operation.

"The opportunities for growth in this sector are substantial. From an organic growth perspective, customer familiarity and preference for prepared chilled foods are likely to increase the penetration of Mrs Crocket's products in the major retail supermarket and fast food chains, while new product developments will also support future revenue growth.

"There is also likely to be further expansion opportunities for the business given the dynamic state of, what is, a fragmented market sector, as evidenced by the recent acquisition of The House of Winston business.

"Given the market fundamentals and the quality of the business, we are delighted to be partnering with Mrs Crocket's to take the company to the next stage of its development."

Philip George, co-founder of Mrs Crocket's, said: "Mrs Crocket's has established a great reputation as a provider of high quality fresh prepared food products. We will continue to provide our clients, and their customers, with contemporary fresh food solutions.

"We are really pleased to be partnering with a group of the calibre of Ironbridge, as they bring investment experience and financial strength to our business."

Complementing this investment, a number of executive and non-executive appointments have been made:

• Roger Little has been appointed Chairman of the Board of Directors of Mrs Crocket's. Mr Little was formerly a senior executive with National Foods.
• Peter Kemp has been appointed Chief Executive Officer. Peter has worked for Mrs Crocket's for five years and was formerly Chief Operating Officer.
• Simon Rowell, Chairman of Green's Foods has joined the business as a non-executive Director.

Ironbridge recently announced the final close for the Ironbridge 2003/2004 Fund, with total investment commitments of A$450 million from leading Australian and international institutional investors. This transaction is the fourth investment by the Fund.

Contact

Paul Evans
Managing Partner
Ironbridge
+61 2 9250 8720

Phillip George
Director
Mrs Crocket's
+61 411 595 595

Justin Kirkwood
Kirkwoods Corporate Relations
+61 2 9231 5600

About Ironbridge

Ironbridge is a leading independent Australian private equity manager, providing private equity for growth businesses in the Australasian marketplace.

Ironbridge is focused on investments in medium to large size management buyout and expansion capital transactions, with commitments typically in the range of A$25 million to A$75 million.

This transaction is the fourth investment by the Ironbridge 2003/4 Fund, which recently announced its Final Close at A$450 million. The first investment was the A$871 million MBO of leading private hospital group Affinity Health in November 2003; the second was the NZ$50 million acquisition in June 2004 of ACB, one of New Zealand's largest operators of backpacker-style lodge accommodation in New Zealand; the third was the $40 million MBO of Dexta Corporation, a specialist Australian general insurance underwriting agency.

About Mrs Crocket's

Mrs Crocket's - an Australian owned and operated fresh chilled foods manufacturing and distribution company - produces Australia's favourite pre-packaged fresh salads,and vegetable mashes.

Mrs Crocket's provides a convenient, healthy and guilt-free alternative for Australians seeking fast fresh foods. Prepared from the freshest of ingredients, Mrs Crocket's salads combine premium taste with the highest nutritional quality. In support of their commitment to health and nutrition, all products in Mrs Crocket's range feature a fully detailed nutritional panel.

Mrs Crocket's extensive range includes popular traditional salads such as coleslaw, creamy pasta, 97% fat-free salads including Lite Coleslaw, Lite Potato and Lite Pasta Salads and leafy green, garden and Caesar salads. Mrs Crocket's also offers fresh vegetable mashes such as Creamy Potato Mash with Chives.

Established in 1983 by Queensland brothers John and Philip George, the company began in a small factory on the Gold Coast producing just three bulk salad mixes. The growing popularity of Mrs Crocket's products saw the success of the business soar and by 1987, Mrs Crocket's had relocated to Brisbane, establishing themselves as a large scale manufacturing facility.

By 1995, Mrs Crocket's had expanded operations interstate, opening a marketing and distribution facility in Sydney. In doing this, Mrs Crocket's established themselves as a genuine competitor in the packaged fresh food category.

Today, Mrs Crocket's is one of Australia's largest family-run companies with a full-scale manufacturing plant located in Brisbane and supporting distribution facilities nation-wide. Mrs Crocket's is Australia's leading manufacturer and distributor of fresh dressed salad, which continues to be sold through various retail, food service and fast food companies - including major supermarket chains, Woolworths, Coles and Bi Lo.