Freshmax invests in Valleyfresh

Freshmax Group has identified the added value services and import experience of Valleyfresh as key reasons for this strategic investment in the Valleyfresh Group.

Chairman of Freshmax, David Smith said “our Group is looking to develop a number of services in this sector and we recognise the expertise and experience within the Valleyfresh network. This business has developed excellent supply partnerships and brands from its North American office.” Smith went on to say he considered the investment a soft entry into operations in which Freshmax has less experience and expertise, and the opportunity to utilise the strengths and personnel within Valleyfresh to further develop our NZ prepack, ripening, import and added value businesses.

Chairman of Valley Fresh, Garth Lockyer is pleased to be expanding the business he personally founded with Jamie Craig and developed over the last 20 years – “The Freshmax investment will allow the Valleyfresh business to grow to a new level – both in governance and the extended ability to expedite opportunities in marketplace – domestically and globally.”

Garth Lockyer will remain as Chairman of Valleyfresh with Murray McCallum to transition into the CEO role over the next 6 to 12 months, backed by a number of key employee staff members who will expand their shareholding as part of the transaction.

David Smith cited that the companies have similar staff investment schemes (Freshmax management own 40% of Freshmax Group, while Valleyfresh management will continue to own 49% of Valleyfresh).

Private equity partner, Maui Capital will provide equity for further expansion of the businesses.

In the foreseeable future, both businesses will run autonomously with separate boards and separate executive teams.