Investment manager Roc Partners has agreed to acquire Australian fresh produce maker Freshmax Group to ensure its “long-term growth”.
Prior to this acquisition, Freshmax was owned by a mix of shareholders, including Maui Capital and both current and former employees, the spokesperson added.
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In the last full financial year, the company reported annual sales exceeding A$300m ($189m).
Kidder Williams, a corporate advisory firm specialising in food and agribusiness transactions, managed the sale process.
In a statement to Just Food, a Kidder Williams spokesperson said Freshmax does not own any growing assets but operates an IP management division that oversees marketing, propagation, and growing rights, which are sub-licensed to growers.
The Freshmax brand portfolio comprises a combination of owned and licensed brands while the licensed varieties include Tangold mandarins, Mountain Blue blueberries, Lani cherries, and Modi apples.
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By GlobalDataFreshmax chairman Glenn Wallace said: “The acquisition by Roc Partners ensures a stable and strategic future for Freshmax.
“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.”
Roc Partners Food and Agriculture vice-president Todd Winkley added: “Freshmax represents a compelling opportunity for us to invest in a growing company with a vastly experienced management team. We intend to use this strong foundation as a platform for further expansion.
“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.”
