NZ in­vests in ge­net­ics

The Western Star - - RURAL WEEKLY -

DALVEEN’S Pal­grove stud is con­tin­u­ing to grow its busi­ness in part­ner­ship with a New Zealand Gov­ern­ment owned com­pany. Prin­ci­pals of the beef cat­tle pow­er­house David and Prue Bond­field have turned to the New Zealand Su­per­an­nu­a­tion Fund, an NZ Govern­men­towned in­vest­ment ve­hi­cle.

The fi­nan­cial terms of the part­ner­ship are un­known, though Mr Bond­field said noth­ing would change in the day-to-day op­er­a­tions of the Gran­ite Belt busi­ness.

The pair – who run about 2500 reg­is­tered fe­males breed­ing charo­lais and ul­tra­black seed­stock – took out the Weekly Times Coles Farm­ers of the Year in 2016 for their in­no­va­tion in the in­dus­try.

“This part­ner­ship with NZSF gives the Pal­grove busi­ness the ca­pac­ity to grow its cat­tle num­bers to meet in­creas­ing de­mand from our clients,” Mr Bond­field said.

“It also en­ables us to ac­cel­er­ate ge­netic de­vel­op­ment, par­tic­u­larly within our ul­tra­black pro­gram,” Mr Bond­field said.

“NZSF has the ap­pro­pri­ate level of un­der­stand­ing of agri­cul­tural in­vest­ing; a com­mit­ment to long term in­vest­ment hori­zons and a high stan­dard of gov­er­nance, re­spon­si­ble in­vest­ing and op­er­at­ing sus­tain­ably.”

NZSF has an as­set value of more than NZ$35 bil­lion, and has sig­nif­i­cant in­vest­ments in New Zealand agri­cul­ture and global forestry.

NZSF port­fo­lio man­ager Neil Woods said the or­gan­i­sa­tion had been look­ing at the Aus­tralian beef in­dus­try as a di­ver­si­fi­ca­tion strat­egy.

“NZSF has gained a good un­der­stand­ing of the char­ac­ter­is­tics of agri­cul­ture as an in­vest­ment through our direct in­vest­ment in global Forestry as­sets to­gether with sig­nif­i­cant agri­cul­tural in­ter­ests in New Zealand over the last seven years,” Mr Woods said.

“We con­cluded very quickly that peo­ple, and more par­tic­u­larly their man­age­ment ex­per­tise, was key to any suc­cess­ful in­vest­ment in this as­set class.”

Mr Woods said they were drawn to Pal­grove be­cause the Bond­fields were viewed as lead­ers in the beef seed­stock in­dus­try and had a sig­nif­i­cant his­tory of de­vel­op­ment and growth.

The part­ner­ship ex­pands upon the Bond­fields’ ex­ist­ing in­ter­na­tional busi­ness.

Es­tab­lished more than 40 years ago by Mr Bond­field’s fa­ther, Peter Bond­field, Pal­grove was a pi­o­neer of im­port­ing the charo­lais breed into Aus­tralia.

The cou­ple has ex­panded the busi­ness and has been a driv­ing force in de­vel­op­ing the ul­tra­black breed. The two were the first to ex­port a live ul­tra­black bull to Thai­land last year, and have also sold se­men to Cana­dian and Bri­tish clients.

With decades of in­dus­try ex­pe­ri­ence, Mr Bond­field said in­no­va­tion was crit­i­cal to sus­tain­ing a thriv­ing busi­ness. “We’ve built our num­bers from a small base with a strong fo­cus on cus­tomers. We look for­ward to strength­en­ing those re­la­tion­ships with both new and ex­ist­ing clients,” he said.

In its 2017 spring bull sale last month, Pal­grove had a to­tal clear­ance of the 157 bulls of­fered. The 100 charo­lais bulls av­er­aged $13,056, while the 57 ul­tra­blacks av­er­aged $10,351, the high­est av­er­ages in a sale for both breeds.

PHOTO: BEN SIMP­SON

TOP PER­FORM­ERS: Pal­grove charo­lais stud own­ers David and Prue Bond­field have en­tered a lu­cra­tive part­ner­ship with a New Zealand Gov­ern­ment com­pany.

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