Costa, an Australia-based fruit and vegetables producer, marketer and exporter, in collaboration with private equity investment firm Paine & Partners, has entered into an agreement to acquire Adelaide Mushrooms for an undisclosed amount.
Adelaide Mushrooms is a supplier to supermarkets, greengrocers, institutions and food service operators across Australia.
Under the terms of the deal, Costa will purchase all the assets of Adelaide Mushrooms, including its Monarto production complex in South Australia, farms at Spreyton and Huon Valley in Tasmania, and Mushroom Center at the Adelaide Markets.
On completion of the transaction, Adelaide Mushrooms' chairman Douglas Schirripa will work with Costa's mushroom team in an advisory capacity.
Costa chief executive officer Harry Debney said that the acquisition will complement the company's existing facilities in Victoria, Western Australia and Queensland.
"Consumer tastes have grown increasingly sophisticated, with higher expectations for freshness and consistent supply," Debney added.
Costa, headquartered in Victoria, Australia, is a private producer, marketer and exporter of fruit and vegetables with production, trading and logistical operations throughout Australia and across the globe. It employs over 4,000 people.
In 2011, Paine & Partners made a strategic investment in Costa thus forming a 50/50 owned private company.
