Shaw and partners report, page-17

From their monthly update April 2017:

Wild Breads is a leading business in the rapidly growing artisan and specialty bread category in Australia, which Blue Sky initially invested in mid2014. Since this initial investment, the business has delivered on its expansion project to construct and commission an additional state-of-the-art manufacturing facility, and has also grown annual revenues by over 80%. Greater throughput and automation gains have generated considerable excess capacity in the second production line, leading the business to focus heavily on converting a strong pipeline of sales opportunities in domestic and export markets.

Wild Breads Following the addition of new expansion capital into the business during the month, recent sales momentum and the realisation of operational efficiencies which have led to a step change in Wild Breads’ earnings over the last quarter, an 11.2% consolidated net uplift in the carrying value of the Alternatives Fund’s investments in Wild Breads was recognised in April.