Turners & Growers to buy apples exporter Apollo Apples

New Zealand-based fresh produce exporter Turners & Growers will acquire Hawkes Bay-based Apollo Apples in a NZ$36m deal, as part of its global growth strategy.

Apollo Apples grows, packs and exports around 1.4 million cartons of apples each year, operates more than 500 hectares of apple orchards in Hawke’s Bay.

The company also owns a pack house and cool store facility in Whakatu, Hastings, where it has approximately 120 staff.

The acquisition will allow Turners & Growers to strengthen its ENZA business to cater to demand for southern hemisphere supply as well as provide Apollo Apples with a platform to expand its reach.

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."

The transaction is subject to certain conditions, including approval under the Overseas Investment Act and assignment of certain material contracts.

Following the completion of the deal, Apollo Apples managing director Bruce Beaton and Ross Beaton will continue to operate the business.

Additionally, Turners & Growers will acquire 50% shareholding in Apollo Foods, which will complement the existing T&G food processing unit, ENZAfoods.

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Image: Apollo Apples exports around 1.4 million cartons of apples each year. Photo courtesy of graur codrin at FreeDigitalPhotos.net.