Avo buy helps Costa growth

VEGETABLE and fruit grower Costa Group has set its sights on becoming Australia’s biggest supplier of avocados after buying a significant Queensland grower.

Costa and Macquarie Agricultural Funds Management ( MAFM) has agreed to acquire the Lankester Avocado orchards and packing operation for an undisclosed price.

Costa chief executive Harry Debney said the purchase was part of Costa’s strategy to make avocados its fifth core product, alongside berries, mushrooms, citrus and glasshouse tomatoes.

Lankester Avocado has three farms in the Atherton region, with 130ha planted and another 60ha planted over the next 12 months. MAFM will buy the farms and Costa will operate them under a 20- year lease.