Freshmax Group up for grabs
A majority share in one of Australasia's leading produce companies Freshmax Group is up for sale, with owner New Zealand-based Maui Capital looking for investors in Australia and Asia, the Australian Financial Review (AFR) reported.
The AFR reported the potential deal was pitted to value the company at AUD$500 million (US$377 million), and has drawn quick comparisons to the initial public offering (IPO) of Australian integrated grower Costa Group in 2015.
The story reported the owners were also willing to consider an IPO, although a full sale would be preferred.
Maui Capital initially bought a 60% stake in Freshmax in 2011.
Through its associated companies, including Valleyfresh Global, the Freshmax Group has operations in Australia, New Zealand, the U.S., Chile and Peru, and recently opened up offices in India and Saudi Arabia.
The commodities it grows and trades include bananas through Australian subsidiary Deluca Banana Marketing, as well as stonefruit, pome fruit, pomegranates, table grapes, cherries, berries, citrus, avocados, persimmons, mangoes, feijoas, kiwifruit, kiwiberries, dates and garlic.
The group also has a strong focus on premium, licensed varieties within the crops it operates, with Dazzle apples, Modi apples, Lani cherries, Tango mandarins and Sumo citrus to name a few.