New Zealand Food Group (NZFG), the Christchurch-based chocolate manufacturer, has sold a 22% stake to Singapore distribution firm Karstel.
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The sum paid was not disclosed, but the cash will be used by NZFG to help pay for a new production plant. The company produces chocolate under the Richfields and Maxies brands, among others.
NZFG generates annual turnover in the region of NZ$22m (US$10.7m) and is the second largest branded chocolate manufacturer in New Zealand behind Cadbury Confectionery.
Chairman Arch Campbell said the new business relationship with Karstel would give it a stronger balance sheet to fund further expansion and more business opportunities in Asia, although the local market still had a lot of potential.
Food Group has partnered with Karstel for the past eight years, during which time the Singapore group has distributed Richfields products in Asia.
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