New Zealand-based fresh-produce company T&G Global has said it is up for sale with its major shareholder looking to offload its stake.
German conglomerate BayWa owns around 73% of the company, which cultivates and supplies fruit and vegetables distributed locally and internationally.
T&G Global is listed on the New Zealand stock exchange and, on Friday (11 July), the company issued two announcements to the market.
The first filing said the group had “received a large number of expressions of interest in its business” after BayWa’s announcement in December it was reducing its investments as part of wider corporate changes at the German group. BayWa, which does business in sectors including building materials and renewable energy, ended 2024 with a loss of around €1.6bn ($1.86bn).
“At this time, T&G Global is not aware whether BayWa has made a decision about its shareholding in T&G Global,” the filing read.
“T&G Global is itself going through a process to consider its strategic options. This includes sharing initial business information to determine if, at a potential stage in the future, it is appropriate to explore any form of sales process for any of its divisions.”
The group said it had hired Craigs Investment Partners and would “update the market accordingly”.
Under seven hours later, T&G Global did make another update. “T&G Global has now had the opportunity to review BayWa’s consolidated financial report 2024 received overnight. It is noted in that report that BayWa is endeavouring to refocus on its traditional core business and that T&G Global group, as well as other businesses, are up for sale as part of a long-term reorganisation,” the company said.
BayWa, which said in December it was weighing up selling its stake in T&G Global, confirmed in the report, published last Wednesday, it was looking for a buyer. “For overall strategic reasons, the BayWa group is endeavouring to refocus on its traditional core business.” Proceeds will be used to pay down debt.
Citing unnamed sources, The Australian Financial Review has reported that ROC Partners, an investor in Australia's agriculture sector, is interested in T&G Global.
ROC Partners has investments in Wagyu beef, eggs, and almonds through Stone Axe Pastoral Company, Pace Farm and Lachlan River Almonds.
T&G Global operates in 13 countries and distributes fresh produce in more than 55 markets.
The company supplies citrus, berries, tomatoes, and packs various vegetables for its partners.
Its brands include Lotatoes, Beekist tomatoes, and Orchard Rd.
In 2024, the group reported a revenue of NZ$1.36bn ($809.5m), a 2.2% increase from 2023.
The company’s full-year loss before tax narrowed to NZ$6.8m, compared to a NZ$64.2m loss in 2023.
It reported an operating profit of NZ$12.7m, as against a loss of NZ$45.6m in 2023.
