Genesis Invests in McGrath Nurseries
27 June 2019
McGrath Nurseries Ltd, one of New Zealand’s largest and most successful fruit tree nurseries, has been sold to New Zealand investors.
New Zealand based Genesis Private Equity has purchased the nursery business, which is a major supplier of apple, pear, peach, nectarine, plum, apricot and cherry trees to commercial growers all around the country. McGrath Nurseries is the dominant supplier in the New Zealand summerfruit industry, growing more than 90 per cent of cherry trees and more than 75 per cent of apricot trees planted here; and is one of two major New Zealand apple tree nurseries, growing a significant proportion of this country’s apple trees.
John Rolleston, Chairman of Genesis Private Equity says “the acquisition of McGrath Nurseries is an excellent opportunity for Genesis Private Equity to be involved in and support New Zealand’s horticultural sector which is experiencing sustained growth. McGrath Nurseries is a leading business, with a strong reputation for excellence across all levels of the organisation. We are pleased to also have an ongoing and working relationship with McGrath’s founder, Andy McGrath. This is a fantastic New Zealand success story and Genesis is looking forward to being part of the next chapter.”
Founder Andy McGrath will retain his varietal development and intellectual property ownership businesses and stay on as a director of the new nursery company – McGrath Nurseries 2019 Ltd. Peter Crow will chair the new company’s board.
Newly appointed Chief Executive of McGrath Nurseries 2019 Ltd is Ben Curry, who is leaving his role as Chief Executive at Rangitata Diversion Race Management to take up the McGrath role. Ben will start working with Andy and his team at the nursery in July, with the transfer of ownership occurring in September.
“Genesis invests New Zealanders’ funds in New Zealand businesses. It invests in solid, profitable businesses that welcome an investor bringing commercial expertise at governance level, as well as capital. It looks for companies with experienced management, consistent and growing profitability, and a strong economic foundation for future growth. McGrath Nurseries is a successful business that ticks all those boxes,” says Ben Curry.
He says McGrath Nurseries 2019 will continue delivering quality fruit trees to the growing New Zealand market, “with a strong focus on growth and the opportunities presented by New Zealand’s fast growing horticultural sector.”