Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Seeka purchases Aongatete Coolstores for $25m

Seeka Limited today announced that is has agreed to purchase kiwifruit orcharding, packing and coolstore business and assets of Aongatete Coolstores Limited in the Bay of Plenty for $25m.

Seeka Chief Executive, Michael Franks said the acquisition was aligned to the company's growth strategy and builds on Seeka's kiwifruit foundation. "Aongatete's kiwifruit packhouse and coolstore facility processes around 4.5m trays of green and gold fruit, providing Seeka additional market presence in a growth industry. The acquisition compliments our existing business with further infrastructure in a great growing location."

In addition to increasing Seeka's catchment, the purchase is expected to increase business performance and deliver sustainable EBITDA of between $3.5m and $4.5m.

Aongatete is an integrated kiwifruit orcharding and post-harvest company operating across the Bay of Plenty. The assets acquired are of excellent quality and the people and operation are renowned for their excellent performance for growers, grower focus and furthering technology.

Seeka plans to retain all permanent staff and will continue to provide services and support to growers who have been supplying fruit to Aongatete. Michael Franks adds, "The facilities and team have a considerable reputation for efficiency and innovation. This season's harvest is underway with orchards already being picked and it will continue to operate under the existing experienced team. Our focus will be to deliver support to the team as they need it."

Allan Dawson, Managing Director at Aongatete said growers’ futures stand in good stead with Seeka, “Seeka brings its own skills and economies of scale and recognises the Aongatete site will remain a centre of excellence and innovation for the kiwifruit industry.”

Seeka is committed to the local area and sees benefits for both existing and new staff and grower partners. Michael Franks said, "Seeka's significant size and scope brings increased capacity and ability to support the Aongatete site during peak harvest times. With Seeka's geographical spread throughout the Bay of Plenty transport distances can be reduced with fruit processed closer to where it is grown."

Another benefit is Seeka’s Grower Shares Scheme and Employee Share Scheme will be offered to new associates. The Scheme is an opportunity for growers and staff to benefit from being part of Seeka and share in returns generated by the business.

The purchase is anticipated to settle on 18 March 2019 and the facilities will be rebranded as Seeka Aongatete.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>