New Zealand-based Turners & Growers has agreed to take over Apollo Apples, a Hawkes Bay-based apples grower and exporter with an initial payment of NZ$36.05m.
Apollo, which exports about 1.4m cartons of apples every year, owns or leases around 500 planted hectares of apple orchards and operates a packhouse and coolstore facility in Whakatu, Hastings.
With this deal, Turners & Growers' ENZA business will be able to meet demand for southern hemisphere supply, while Apollo Apples will strengthen its presence to key markets.
Turners & Growers CEO Alastair Hulbert said, "This acquisition demonstrates our commitment to further invest in the NZ apple industry, improve grower returns and increase NZ apple exports.
"We need to serve the demand of a greater number of export customers and markets."
As part of the deal, Turners & Growers will buy 50% stake in Apollo Foods.
The transaction is due to receive approval under the Overseas Investment Act and is also subject to certain material contracts.
