One of the hallmarks of multi-generational businesses tends to be longstanding, established relationships, and making a switch is a risk.

It’s one that paid off for Meyer Food Co when it moved banks.

The family-owned business is Australia’s largest dedicated sous vide food manufacturer, supplying major retailers and food brands, including Woolworths, HelloFresh and Zambrero.

 

Founded in 1988 by identical twins Nicholas and Michael Meyer, the business needed to expand market reach and consolidate commercial holdings.

 

Managing director Anthony Meyer – Nicholas’ son – said they were operating across 14 different factories and employing more than 165 staff in Western Sydney.

 

They needed to bring it all under one large, 6,000 sq m facility.

It was a big investment and they did not take any chances with the funding.

 

“We went to market, we got a consultant who ran a competitive process with all four banks, and Westpac was the clear winner on price and flexibility,” Anthony said.

 

“It was $20m in finance – a mix of construction and working capital. They really tailored it to suit us.”

 

Changing banks has paid off.

 

“This was four years ago. The money has genuinely been the catalyst, which has helped us triple the equity in the business since moving and taking the risk,” Anthony said.

 

“We’re doing double top line sales, have had huge efficiency gains, introduced lean manufacturing, simplified logistics, and expanded on capabilities.”

 

Anthony said the business’ relationship with Westpac provided value beyond banking support, including introductions to external advisers and a partnership for an energy/power review to help manage energy costs.

 

Westpac made Meyer Food Co aware of the availability of government grants, one of which they secured – $1.3m in funding to support innovation and expansion of advanced food processing technology.

 

Westpac managing director, commercial banking, Jeff Hurdis said Meyer Food Co was a great example of a multi-generational family business thinking long term.

 

“Bringing multiple operations under one roof was a big move, but it put them in a stronger position operationally and financially to grow through different market cycles,” Hurdis said.

 

“For food manufacturers, managing cash flow while investing in scale is a constant balancing act.

 

Our role is to help businesses like Meyer Food Co fund growth, manage costs, and keep momentum, even when conditions tighten.”