Australia’s Fresh Produce Group (FPG) has taken a significant step by selling a “majority” stake to Macquarie Asset Management (MAM), an investment firm.
The specific financial terms of the transaction have not been disclosed. However, local media sources speculate that the deal is valued at approximately A$175 million ($113.4 million). This investment allows FPG to access “capital and the capability” necessary for accelerating its growth and pursuing its “next phase of development.”
FPG plans to leverage these funds to strengthen its “strong” governance framework while enhancing its “disciplined” approach to investment and strategy execution. The co-founders and co-CEOs, Robert Nugan and Anthony Poiner, will maintain a minority interest in the company and will continue to oversee operations alongside MAM.
Nugan emphasizes the advantages of this partnership by stating, “Our partnership with MAM will bring considerable knowledge, expertise, and resources to FPG.” He further mentions that MAM’s investment aligns with FPG’s strategic objectives, creating exciting opportunities for accelerated growth and ongoing success within the food and beverage industry trends.
Founded in 1992, FPG operates a vertically integrated model, managing around 1,200 hectares of farmland throughout Australia. Its diverse portfolio consists of table grapes, citrus fruits, and berries, engaging in various activities such as growing, importing, exporting, wholesale, pre-packing, ripening, logistics, and marketing of fresh produce both domestically and internationally.
Commenting on the acquisition, Colin Rigg, the head of agriculture and natural assets at MAM, noted, “We look forward to working closely with Robert, Anthony, and the entire FPG team to continue building on the business’ strengths and supporting its continued growth, development, and leadership in the fresh produce sector.”
This strategic move reflects the company’s commitment to strengthening its position in the food and drink business, while also adapting to evolving food and drink consumer trends.
