Name: Richard Smith
Date of birth: 1940
Type of business: Food distribution service
Main Achievements: A self-made entrepreneur, an Australian billionaire. In 2019, his name was on Forbes Australia 50 wealthiest with a striking net worth of $800 million. He owns a Melbourne-based PFD food service.
Something interesting about the person: Interesting fact about Richard Smith is that he bought the same company in which he used to work as a delivery boy and salesman.
Richard Smith was an Australian entrepreneur who worked hard to establish and esteemed business. Richard Smith was only 19 years old when he joined PFD food services back in 1959. He migrated from Scotland to Australia and joined PFD. He joined PFD as a salesman and a delivery boy. He worked with PFD for day and night and made PFD food service from a Melbourne based foodservice into one of the two primary food distributer services in Australia.
Richard Smith has two daughters and a son who is currently working on their father’s businesses. Richard Smith’s son Lindsay is the strategic director of PFD, while his daughter is CEO, and his other daughter Sharon works on charitable activities with her father’s company. Richard Smith’s company PFD supplies food products to prisons, schools, hospitals, shops, and restaurants. PFD foods generated up to $1 billion in revenue per year. Richard Smith bought the company PFD foods in 1975. He bought the company with the Liberman family, which is a wealthy family in Melbourne. He took full control of the company in 1988. Richard Smith’s respected opinion and his extensive experience in the industry helps him to drive all the direction of the company and the decisions of the board. His experience with PDF is over 40 years. His sense in strategic direction made PFD a big success over the years.
From working as a salesman, Richard Smith made his way to the top and became the general manager of the company in less than a decade. When it was decided by I&J, the previous owners of PFD, want to sell the company, Richard Smith was the first in the line of buyers. He was ambitious, but the only problem he faced at the time was money. To solve the problem, Richard Smith decided to seek capital from other sources. For this, he decided to join hands with the Liberman family, which is a powerful family in Melbourne. One of the main goals of the Liberman family was to serve the fast-growing network of frozen food and dairy products to convenience stores across the country. This necessitated a massive expansion of both distribution and warehousing. It was the policy that eventually put PFD on the road to becoming one of Australia’s largest food distribution firms. The company expanded significantly over the next ten years. The company took new acquisitions along the way. And when the Liberman’s wanted to release their investment in 1988, Rick took full control of PFD and a newly formed subsidiary Glacier Foods Company. By taking full control of the business, Richard Smith went on to become one of the richest men in Australia.
Richard Smith’s PFD Company currently employs over 2,300 people across a regional network of nearly 70 distribution branches. The company has a network of nearly 800 trucks that supply processed and fresh food. They also supply dry goods, to thousands of retail stores in Australia.oad to become one of the richest men in Australia. Their clients also include airlines, convenience stores, and gas stations across Australia. Richard Smith nowadays is not actively involved in the day-to-day operation of the company but he stills operates the acquisitions. Under his leadership, the company conducted 20 to 30 acquisitions of varying sizes in all regions. PFD now holds the country’s most significant footprint for food distribution. In an interview, Richard Smith said that his company PFD is equal to Bidvest, which is a South African group in the share market of Australia. Together they control the food distribution market’s 40%.