Major Australian avocado company bought by Canadian pension fund
Reports from the West Australian in mid-2017 that Jasper Farms would be purchased by a North American buyer have proven correct, with a Canadian fund banking on growing demand for healthy foods worldwide.
Ontario Teachers' Pension Plan (OTPP) beat China's Shenzhen Kondarl to the bid for Australia's second-largest avocado grower.
In a release, OTPP said the transaction with the group, based in Busselton, Western Australia, complemented its existing presence in the country's agricultural market.
"Avocados are difficult to substitute and their unique flavor and nutrient profile have helped them benefit from the growing demand for health foods in Australia and internationally," said OTPP's senior managing director for infrastructure and natural resources, Andrew Claerhout.
"The acquisition of Jasper Farms underscores Ontario Teachers' mandate to seek long-term investments in well-managed, producing agriculture properties to meet the growing global demand for food."
The fund highlighted Jasper Farms produced during Australia's spring and summer months from August to February, with one of the country's highest-yielding avocado orchards.
"We are very pleased that Ontario Teachers', a long-term investor with solid asset stewardship and a good cultural fit for the business, has chosen to expand its Australian agribusiness investments through the purchase of Jasper Farms," partners Neil and Ian Delroy said.
"Through a focused approach to excellence, technology, proven systems and leading research and development, over the past 13 years our team has built a world class avocado business that we are exceptionally proud of."
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