New Zealand fresh produce group Turners and Growers (T&G) has announced its acquisition of apple grower-shipper Apollo Apples will be completed this month.
The group, which announced the deal in April this year, said the purchase is set for completion on 19 December after it received consent from the Overseas Investment Act and all other conditions have been met.
T&G’s acquisition will also include a 50 per cent shareholding in Apollo Foods,a small processed apple business that’s expected to compliment T&G’s own food processing arm EnzaFoods.
The Auckland-based T&G group, which is majority-owned by German conglomerate Baywa and owns apple brand Enza, had said it would pay NZ$36.05m upfront for Apollo. And it indicated it would pay up to a further NZ$8m in cash in the following four years if performance targets are met.
Apollo’s founders Bruce and Ross Beaton will stay with the Apollo business for at least the next four years, and all of its 120 permanent employees will be offered employment within the T&G group, according to a statement from T&G.
