Tuesday 31st January 2017
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Hellers, New Zealand's biggest producer of bacon, ham and smallgoods, has acquired family-owned packaged foods business Gramart Foods, which trades as Flavour House, for an undisclosed amount.
The purchase follows collaborations between the two companies on products such as Hellers ‘sweet and sticky’ pork ribs and My Main Course range of pre-packaged meal bases. Gramart was founded by the Titheridge family in 2001 and has 12 staff.
Hellers, which sells more than 28,000 tonnes of products a year through retail and foodservice channels, has been expanding since Wellington-based investor Rangitira bought into the business in 2003.
Rangatira increased its stake to 62.5 percent from 50 percent in December 2015, paying $9.5 million for the extra shares and valuing its holding at $52.2 million. The increased stake meant Hellers became a subsidiary and Rangatira booked a $36.3 million fair value gain in its 2016 accounts.
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