Australia’s Fresh Produce Group (FPG) has sold a “majority” stake to investment firm Macquarie Asset Management (MAM).

The Australian fresh fruit and veg company did not reveal the financial terms of the transaction. However, local media reports suggested the deal was valued at A$175m ($113.4m).  

FPG noted that the investment provides it with access to “capital and the capability” to accelerate its expansion and support its “next phase of growth”.

The company intends to use the funds to reinforce its "strong" governance model and further enhance its "disciplined" approach to investment and strategy execution.

The company’s co-founders and co-CEOs, Robert Nugan and Anthony Poiner, will retain a minority stake in the company.

They will continue to lead and handle the produce supplier’s operations in partnership with MAM.

Nugan said: “Our partnership with MAM will bring considerable knowledge, expertise and resources to FPG.

“The MAM’s investment also aligns with FPG’s strategic goals and we are excited about the opportunities it presents for accelerated development and ongoing success and maturation of the business.”

Founded in 1992, FPG deploys a vertically integrated model, managing approximately 1,200ha of farmland across Australia.

Its portfolio includes table grapes, citrus fruits and berries.

The business is engaged in the growing, importing, exporting, wholesale, pre-packing, ripening, logistics, and marketing of fresh produce, domestically and internationally.

Commenting on the deal, the agriculture and natural assets head at MAM, Colin Rigg, said: "We look forward to working closely with Robert, Anthony and the entire FPG team to continue building on the business’ strengths and supporting its continued growth, development and leadership in the fresh produce sector."