Equity investment firm, Roc Partners, has acquired fresh produce company, Freshmax Group. The investment manager says it plans to “invest significantly” in the company.
It’s the second major acquisition by Roc this year, with its poultry business Pace Farm acquiring table egg producer Kinross Farms.
Freshmax and ValleyFresh are the face of the group’s domestic and international businesses, with export operations in seven countries around the Asia-Pacific and supply chain service assets across Australia’s eastern seaboard.
Its BerryCo business manages the Group’s commercial berryfruit interests in New Zealand. And DBM is one of the largest banana and avocado distribution businesses in the Australian domestic market.
Roc Partners has around $9 billion in capital funds under management across private equity, private credit and real assets. It has more than $2.5 billion in assets managed in its food and agricultural portfolio.
Freshmax Group CEO, Murray McCallum, said Roc’s “deep expertise and proven track record” made them an ideal partner.
“Together, we will explore new growth opportunities, whilst continuing to deliver exceptional value to our supplier and customer partners worldwide,” McCallum said.
Roc Partners vice president – Food and Agriculture, Todd Winkley, said investing in Freshmax was a “compelling opportunity”. The “vastly experienced” management team would form the foundation for further expansion, he said.
“We are committed to leveraging our resources and expertise to support Freshmax in achieving its ambitions, nurturing continued innovation, and strengthening its position in the global fresh produce market,” said Winkley.
Freshmax Group chair, Glenn Wallace, said the acquisition ensured a stable and strategic future for the company.
“Their understanding of the food and agriculture sectors and commitment to sustainable growth perfectly align with our vision. We look forward to seeing Freshmax thrive under their stewardship,” Wallace said.
Corporate advisory firm, Kidder Williams, ran the sale process.
