Apollo Apples, a New Zealand-based apple company, has been acquired by Turners & Growers Limited, a fruit marketer and distributor, for as much as NZ $44.1 million (approximately U.S. $37 million), according to MSN New Zealand. Apollo grows, packs, and exports nearly 1.4 million cartons of apples every year and owns or leases over 500 planted hectares of apple orchards in Hawke’s Bay, according to Yahoo New Zealand.
The acquisition plays a key role in Turners & Growers’ continuing growth strategy and its ENZA business, while also allowing Apollo to expand its key markets. Turners & Growers plans to continue meeting the global demand for supply in the southern hemisphere.
Turners & Growers CEO Alastair Hulbert expressed his excitement for the acquisition, noting that Apollo is “perfectly aligned” to its pipfruit business strategy with its complementary skills, networks, and capabilities.
“This acquisition demonstrates our commitment to further invest in the NZ apple industry, improve grower returns, and increase NZ apple exports,” he said. “We need to serve the demand of a greater number of export customers and markets. We welcome the Apollo team to the Turners & Growers family and look forward to working together.”
Apollo Apples will continue to operate under the leadership of Bruce and Ross Beaton. Bruce, who is the appointed Managing Director of the business, said, “We welcome such supportive shareholders who can support the investment we require to grow Apollo. We look forward to contributing to the combined success of Apollo and ENZA and the further benefits this brings to our orchard landlords, third party growers, customers, and dedicated employees.”
Congratulations on the successful acquisition, Turners & Growers!
