One of Australia’s largest fresh fruit and veg companies has a new major shareholder, although its founders and chief executives will stay in place
Fresh Produce Group (FPG), one of Australia’s largest fruit and vegetable suppliers, has accepted investment of more than A$175mn (€107.9mn) from Macquarie Asset Management, a deal that makes the Australian financier the company’s majority shareholder.
In a statement, FPG said the investment would give it access to new capital and allow it to expand further.
Chief executives Robert Nugan and Anthony Poiner, who also founded FPG, retain the remaining shareholding and will continue to lead the business alongside MAM.
“The FPG team is looking forward to working with MAM Agriculture. Our partnership with MAM will bring considerable knowledge, expertise and resources to FPG,” Nugan commented.
“The MAM’s investment also aligns with FPG’s strategic goals and we are excited about the opportunities it presents for accelerated development and ongoing success and maturation of the business.”
Colin Rigg, head of agriculture and natural assets at MAM, said: “We are very pleased to partner with FPG as one of Australia’s leading and integrated horticultural businesses.
“We look forward to working closely with Robert, Anthony and the entire FPG team to continue building on the business’ strengths and supporting its continued growth, development and leadership in the fresh produce sector.”
FPG owns and operates various production sites across Australia. Established in 1992, it has approximately 1,200ha of premium farmland where it grows table grapes, citrus, and berries.
The business includes production, import-export, wholesale, pre-packing, ripening, logistics and marketing of produce to customers in Australia and overseas.
