Costa Group, the Australian fresh produce company this week formally taken over by an investor consortium, has promoted deputy CEO Marc Werner to the position of chief executive.

Werner succeeds interim chief executive and former CEO Harry Debney, who will step down tomorrow (29 February).

After just over two years as chief operating officer, Werner was named deputy CEO last July. At the time, Costa said Debney – who became interim CEO when Sean Hallahan stepped down in September 2022 – would be “devoting considerable time on the potential acquisition process”.

A week earlier, Costa had revealed it was in talks to sell the business to private-equity firm Paine Schwartz Partners, a shareholder in the grower that had tabled a preliminary offer in May. By September, a consortium led by Paine Schwartz Partners had lowered its bid, which Costa ultimately accepted.

The deal closed earlier this week. Fruit grower Driscoll’s and Canada’s British Columbia Investment Management Corp. joined forces with Paine Schwartz Partners to buy the business.

Werner said today: “Over the past 18 months, I have really focused on developing a detailed understanding of the fresh produce industry, to ensure I can effectively lead the business and optimise its success.

“A key to this will be continued investment in innovation, to both build our competitive advantage and enhance our product offering.

“Costa’s people are our greatest asset and I intend to not only identify and promote their capabilities and key talents but to continue to position Costa as the employer of choice in the fresh produce industry.”

Debney said: “The company looks forward to Marc’s leadership in further growing the business and achieving continued success, I wish him the very best for the future.”

Fruit grower Driscoll’s and Canada’s British Columbia Investment Management Corp. joined forces with Paine Schwartz Partners to buy the business.