T&G Global has continued its partnership with the New Zealand Superannuation Fund – with a second orchard sale to its rural investment manager FarmRight to help expand one of New Zealand’s best-returning premium export apples, Envy™.
As a result of the deal, T&G will sell its 40-hectare Steiner orchard in Hawke’s Bay, and will be contracted to provide all post-harvest, export and marketing services for Envy™ grown on the orchard. It follows on from FarmRight’s acquisition of a 40-hectare orchard from T&G in 2021.
T&G Chief Executive, Gareth Edgecombe, says the NZ Super Fund’s investment provides increased capital to further accelerate T&G’s premium Envy™ apple brand to meet growing consumer demand.
“Globally, there’s incredible appetite for Envy™, especially in China, Vietnam, Thailand and the United States where consumer demand for Envy™ and its superior attributes is exceptionally strong. It’s this momentum that has Envy™ on track to be a billion-dollar brand by 2027,” says Gareth.
“By expanding our partnership with the NZ Super Fund, we’re able to free up further capital to invest in Envy’s™ growth and apply our expertise in orcharding, post-harvest, marketing and sales to increase volumes to meet consumer demand – which is expected to increase five-fold by 2030.
“Envy’s™ strong brand presence and outstanding eating qualities, together with its exceptional orcharding qualities, are the reasons growers and investors are choosing to back Envy™,” says Gareth.
FarmRight’s CEO, Jim Lee, says it’s fantastic to partner with T&G for a second time in two years.
“With our focus on investing in high-performance agriculture and horticultural assets for the long-term, the NZ Super Fund will be able to harness returns from Envy™ to help fund the retirement needs of Kiwis.”
The transaction was settled on 15 July 2022.
