Leading New Zealand pipfruit grower-packer-exporter, Crasborn Bros, has solidified its partnership with Freshmax, announcing a full-scale merger with the Australasian-based horticultural group.
The deal will see Freshmax absorb the balance of Crasborn’s share in Hawke's Bay orchard properties, along with the company’s post harvest business. In return, Crasborn will become a significant stakeholder in the Freshmax Group, although an exact shareholding has not been disclosed.
All permanent employees of Crasborn will be offered employment with Freshmax, including Crasborn founders, Eddie, Lou and Rick Crasborn, who will occupy senior positions within the company. Eddie, who currently serves as Crasborn’s managing director, will also join the Freshmax board.
“We are very excited to join forces with the Freshmax team whom we have known and worked with for many years,” Eddie said. “The two companies share a common philosophy and absolute commitment to their employees, customers and suppliers. We believe this merger will provide the capacity to enable the combined pipfruit business to continue to grow and prosper in the years ahead.”
Freshmax chairman David Smith said the merger would position his group as New Zealand’s third largest pipfruit exporter.
“The Crasborn Group is highly regarded as a leader of the pipfruit industry in New Zealand and they have an excellent reputation for delivering premium fruit to consumers in markets all around the world and in New Zealand,” Smith explained. “We have had a long association with Crasborns and know the values and cultures of the two groups are very similar, including a strong desire to invest in the future.”
The Crasborn family will retain ownership of their commercial property assets, which will continue to be leased to third parties, including the new merged venture.
The partnership between Freshmax and Crasborn was formed almost ten years ago, when the pair formed a joint venture, Interfruit Packing, in Hawke's Bay. This was followed by the joint purchase of Opey Farms in December 2010.
The merger is subject to certain conditions including approval being obtained under the Overseas Investment Act.
