Seeka settles Bridge Cool deal
Seeka settles Bridge Cool deal as kiwifruit season begins
Seeka Kiwifruit Industries Limited announces settlement of their acquisition of Bridge Cool Holdings Limited. The final payment for the acquisition is subject to the provision of verification accounts due within 40 business days.
Based in Katikati, Bridge Cool draws fruit from as far away as South Auckland and adds a new geographical mix to Seeka’s supply base. Bridge Cool packs more than 4 million trays of kiwifruit along with a successful and growing avocado business.
The Bridge Cool acquisition clearly makes Seeka New Zealand’s largest kiwifruit supply company. Seeka’s fruit supply is consolidated in the new Zespri-registered entity Integrated Fruit Supply and Logistics Limited (IFSL) which is forecast to harvest 23 million trays of Green, Gold and Organic kiwifruit this season.
Seeka general manager operations Coll MacRury says planning is well advanced, with every packhouse and coolstore forecast to be fully utilized across the enlarged group.
“The fruit is looking good with some maturity areas being given clearance to pick. Production is scheduled to steadily increase and to peak in May,” says MacRury.
Seeka managing director Tony de Farias says the Bridge Cool purchase continues Seeka’s successful strategy of consolidation of the kiwifruit post-harvest sector.
“Bridge Cool’s management fully embraced Seeka’s strategic plan well before settlement of the acquisition,” says de Farias.
“Consolidation of supply through IFSL is having immediate positive benefits in capacity utilisation, rationalisation of resources and knowledge transfer. The new management team is thriving on the opportunities the larger group offers, and is focusing on delivering the full value potential to Seeka’s shareholders and growers.”