Australia’s Nutrano Produce Group has entered into an agreement to acquire Seven Fields and Abbotsleigh Group businesses to strengthen its position in the fresh produce sector.
However, the financial details of the transaction were not disclosed.
The Seven Fields/Abbotsleigh customer mix is expected to complement and enhance the Nutrano business.
Nutrano managing director Tony Mahoney said: “The Seven Fields Abbotsleigh acquisition is a perfect fit for the next growth stage of Nutrano. The citrus, blueberry and mango categories complement our existing domestic and international businesses.
“The brands and relationships built and formed by Seven Fields and Abbotsleigh are a key to their success, and we will be maintaining these.”
Seven Fields said that there will be no change to the operations of the business following the acquisition.
Mahoney said that all employees of the Seven Fields/Abbotsleigh will be retained and its founding owners, Greg McMahon, Richard Byllaardt and Michael McMahon, will continue in their roles.
The transaction is expected to be completed by the end of November.
Seven Fields said that the transaction will proceed on the basis all business will be operated in the same way as they are now.
Seven Fields executive chairman Greg McMahon said: “We have received many approaches over the years from potential buyers, but it was important that an acquirer of our business would continue what we have built and use it as a base for continued growth.
“It was important to us to secure the future of the business and all of our people who have made it a success and we felt that Nutrano provided an excellent strategic and cultural fit.”
Founded in November 2015, Nutrano acquire the vertically integrated banana ripening and distribution business of Oakville Produce (formerly Moraitis Group) in February this year.
