New Zealand-based fresh-produce company T&G Global has announced that it is up for sale, as its major shareholder moves to offload its stake.
German conglomerate BayWa currently owns approximately 73% of T&G Global, a company that cultivates and supplies a variety of fruits and vegetables for both local and international markets.
T&G Global is listed on the New Zealand stock exchange. The company issued two key announcements to investors.
The first filing revealed that the group had “received a large number of expressions of interest in its business” following BayWa’s December announcement regarding its intention to reduce investments as part of broader corporate restructuring. BayWa, which operates across sectors such as building materials and renewable energy, reported a significant loss of around €1.6bn ($1.86bn) at the end of 2024.
“At this time, T&G Global is not aware whether BayWa has made a decision about its shareholding in T&G Global,” the filing stated.
Furthermore, “T&G Global is itself going through a process to consider its strategic options. This includes sharing initial business information to assess whether it may be appropriate to explore a sales process for any of its divisions at a future stage.”
The group has engaged Craigs Investment Partners and will provide updates to the market accordingly.
Less than seven hours later, T&G Global made another announcement: “T&G Global has now had the opportunity to review BayWa’s consolidated financial report for 2024. The report indicates that BayWa is looking to refocus on its traditional core business, confirming that T&G Global, along with other divisions, is up for sale as part of a long-term reorganization.”
BayWa, which previously stated in December that it was considering selling its stake in T&G Global, has reiterated its search for a buyer. “For overall strategic reasons, the BayWa group is endeavoring to refocus on its traditional core business.” Proceeds are intended to be used for debt reduction.
Citing unnamed sources, The Australian Financial Review has reported that ROC Partners, a notable investor in Australia’s agricultural sector, is interested in acquiring T&G Global.
ROC Partners has made investments in Wagyu beef, eggs, and almonds through entities such as Stone Axe Pastoral Company, Pace Farm, and Lachlan River Almonds.
T&G Global operates in 13 countries and distributes fresh produce to over 55 markets.
The company supplies a wide array of products, including citrus, berries, tomatoes, and various vegetables, under renowned brands like Lotatoes, Beekist tomatoes, and Orchard Rd.
In 2024, the group reported a revenue of NZ$1.36bn ($809.5m), reflecting a 2.2% increase compared to 2023.
Moreover, the company’s full-year loss before tax narrowed to NZ$6.8m, significantly improved from a NZ$64.2m loss in 2023.
It also reported an operating profit of NZ$12.7m, contrasting with a loss of NZ$45.6m in the previous year.
