Sharechat Logo

Maui Capital gets nibbles for Freshmax, with sale expected by September

Tuesday 11th July 2017

Text too small?

Australasian fresh produce business Freshmax has attracted interest from potential buyers and an ownership change is possible before the end of September, say sources close to the sale process.

Private equity firm Maui Capital, which acquired 60 percent of Freshmax in 2011, kicked off a sale process earlier this year for the Australian-registered and NZ-headquartered fresh fruit supplier, which has interests in South and North America, South Africa, New Zealand and Australia. Sources said there has been interest from potential buyers across the globe, including some with strong distribution channels of their own. Maui hasn't indicated whether it would completely exit Freshmax, which needs more capital to expand.

Freshmax imports, wholesales and distributes fresh produce including apples, pears, stonefruit, kiwifruit and avocados among other products into a wide variety of countries, including China. The total value of the company is thought to be about A$300 million. 

Early reports named pan-Asian private equity firm Navis as a potential suitor, however, a spokesman said that while they won't talk directly about Freshmax due to a non-disclosure agreement, "we are not pursuing at this time". In April it snapped up a majority stake in Mainland Poultry, whose businesses include New Zealand’s biggest egg producer. 

The Australian newspaper today reported concerns that growth in online food shopping, dominated by Amazon, could deter any potential investors. The sources close to the deal took a contrary view, saying it signals is an uptick in consumption, which is a positive for Freshmax. 


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Regional house price inflation accelerates in October
Sanford FY earnings flat on reduced volumes
NZ dollar extends gains, aided by US-China trade doubts
12th November 2019 Morning Report
MARKET CLOSE: NZ shares gain, retirement villages buoyed by Auckland housing market bounce
NZ dollar rises, shrugging off US-China trade war woes
Long-serving ACC investment chief calls it a day
Institutional investors continue to shun Fonterra
Card spending stalls; dearer petrol crowds out other goods
Abano directors cave to takeover by scheme of arrangement

IRG See IRG research reports