T&G Global is in advanced discussions to divest two key parts of its businesses

T&G Global Limited is in discussions to sell its New Zealand fresh produce business to the Turner family (the company's founding family), and its Fijian and Pacific businesses to Bidfood.

Any transaction is subject to the finalization of the sale and purchase agreements and meeting certain conditions.

The sale of its New Zealand fresh produce business is proposed to include the fresh tomato, berry, citrus, and stone fruit growing operations, wholesale market network, and the export, prepacking, and transport businesses. The proposed plan also details that the Turner Family will lease from the firm the properties from which relevant growing units operate.

Meanwhile, the sale to Bidfood is proposed to include T&G’s Fijian business and its Pacific Island Exports business.

A strategic move for T&G

In a press release posted on the company's website, company Chair Benedikt Mangold said that following the completion of the strategic review, the firm plans to sell these businesses. The move, he explained, is part of a disciplined long-term strategic focus on its premium, intellectual property-led Apples and VentureFruit platforms, to maximize growth and shareholder value.

“Over the last 12 months, the Board has conducted a comprehensive review to evaluate T&G’s long-term strategy and growth options,” Mangold said. “We assessed each of our Apples, T&G Fresh, and VentureFruit business units against our growth profile, capital intensity, reliance on intellectual property, and contribution to long-term shareholder value.”

The results from this evaluation, he added, confirmed the attractiveness, scalability, and resilience of the company's Apples and VentureFruit strategies, underscoring intellectual property at the foundation of their competitive advantage.

"The apples business has been T&G’s key growth pillar for many years, and both businesses are strategically placed to capture growing market share in the premium apple category, which we estimate to be worth $19 billion by 2030,” he said.

Mangold explained that the company's Board agreed that long-term capital allocation and management focus should prioritize the Apples and VentureFruit platforms to support the firm's global growth opportunities. This led to considering alternative ownership options for T&G Fresh.

“Both proposed owners have deep sector expertise, strong belief in the underlying businesses, and long-term strategic intent to invest and grow the operations,” said company Chief Executive, Gareth Edgecomb. “The sale will see the Turners & Growers legacy protected."

Edgecomb underscored that the sale of the firm's Fijian and Pacific Island Export businesses to Bidfood aligns well with their global foodservice business model and network.

In the press release, the company said that it will share more details in the future following the signing of the sale and purchase agreements. 

*All images courtesy of T&G Global. 

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