Macquarie Asset Management (MAM) has invested over A$175m (€108m) to acquire a majority stake in Australian fresh produce supplier Fresh Produce Group (FPG).
The deal, valuing FPG at A$350m, will see FPG’s founders and co-CEOs, Robert Nugan and Anthony Poiner, retain a stake in the business while continuing to lead and manage FPG alongside MAM.
Established in 1992, FPG operates approximately 1,200 hectares of premium farmland, producing table grapes, citrus, and berries. The business comprises growing, importing, exporting, wholesale, pre-packing, ripening, logistics and marketing of produce in Australia and the world.
MAM said the investment, on behalf of its managed funds and clients, provided FPG with access to capital and the capability to further its footprint expansion in its next phase of growth and the opportunity to enhance its existing strong governance model and disciplined approach to investment and strategy execution.
Colin Rigg, head of agriculture and natural assets at Macquarie Asset Management, said: “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.”
Nugan said: “The FPG team is looking forward to working with MAM Agriculture. Our partnership with MAM will bring considerable knowledge, expertise and resources to FPG.
“The MAM’s investment also aligns with FPG’s strategic goals, and we are excited about the opportunities it presents for accelerated development and ongoing success and maturation of the business.”
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