Crasborn Bros join Freshmax Group
Freshmax and Crasborn Bros announce the merger of their pipfruit operating interests, following 8 years of partnership.
Freshmax and Crasborn Bros today announced the merger of their operating interests.
The partnership of Freshmax and Crasborn Bros was forged over 8 years ago with formation of the joint venture, Interfruit Packing Hawkes Bay. This was followed by the purchase in December 2010 of Opey Farms and other orchards (held via the joint venture company Agrilasia Farms Ltd). The relationship has now been further cemented by the merger of the balance of the Crasborn interests in the orchard properties and post harvest business, and will also see Crasborn Group taking a significant investment in the Freshmax Group.
Crasborn Group is a vertically integrated apple and stonefruit operation which packs and markets fruit grown on 500 hectares of premium orchard land in the Hawkes Bay. It also provides considerable post harvest and storage services to third parties.
All permanent employees of Crasborn will be offered employment with Freshmax, including Crasborn founders, Eddie, Lou and Ricks Crasborn, who will remain in key positions. Eddie Crasborn, Managing Director, Crasborn Bros will join the Freshmax Group Pty Board, and the Crasborn Group will become significant shareholders in the Freshmax Group. The Crasborn family will retain ownership of the commercial property assets which will continue to be leased to third parties including the merged new structure.
David Smith, Chairman of Freshmax comments
“We are delighted that Eddie, Lou, Ricks and the Crasborn team have agreed to merge with Freshmax. The Crasborn Group is highly regarded as a leader of the pipfruit industry in New Zealand and they have an excellent reputation for delivering premium fruit to consumers in markets all around the world and in New Zealand. We have had a long association with Crasborns and know the values and cultures of the two groups are very similar, including a strong desire to invest in the future. Freshmax’s commitment to the apple industry and desire to better service our customers are foremost in this move to establish our group as NZ’s third largest exporter.”
Freshmax's commitment to the apple industry and desire to better service our customers are foremost in this move to establish our group as NZ's third largest exporter."
The new group will emerge as a major Grower, Packer and Exporter of premium quality pipfruit from Hawkes Bay. Coupled with last year’s purchase of the Energie Group in the South Island, there are many benefits available from the combined entities to be readily captured.
Eddie Crasborn, Managing Director of Crasborn Group comments
“We are very excited to join forces with the Freshmax team whom we have known and worked with for many years. The two companies share a common philosophy and absolute commitment to their employees, customers and suppliers. We believe this merger will provide the capacity to enable the combined pipfruit business to continue to grow and prosper in the years ahead.”
"We believe this merger will provide the capacity to enable the combined pipfruit business to continue to grow and prosper in the years ahead."
The acquisition is subject to certain conditions including approval being obtained under the Overseas Investment Act.