Super fund buys into NZ Gourmet

AUCKLAND: The New Zealand Superannuation Fund has taken a 27% stake in international fresh fruit and vegetable grower and marketer NZ Gourmet for an undisclosed price.

‘‘Our decision to invest in NZ Gourmet, and our confidence in its longterm prospects, is backed by growing global demand for fresh fruit and vegetables and an increasing focus by consumers on health and wellness,’’ NZ Super Fund acting chief investment officer Mark Fennell said.

The fund is a government savings vehicle to help prefund the future cost of universal superannuation. The $38.5 billion fund has more than $5 billion invested in New Zealand, including stakes in Kaingaroa Timberlands, Kiwibank, Datacom, Fidelity Life and Metlifecare, along with a portfolio of rural land. It also has more than $1 billion invested in New Zealand equities and commitments to expansion capital supporting small and mediumsized local companies,

NZ Gourmet chief executive Paul Martin said the company would use the new capital to support continued growth domestically and offshore. He will remain chief executive. The company is currently owned by Gourmet Group and Pauls Holdings, both of which count Martin as a director.

Aucklandbased NZ Gourmet produces and markets highquality fresh produce including capsicums, blueberries, asparagus, tomatoes, strawberries and cherries. It has customers around the world and operations in New Zealand, the United States, Australia, Mexico, Peru and Ecuador.

It and its US subsidiary, Gourmet Trading, supply leading retailers in North America, Asia and Australasia. Its jointventure partners include Tuaropaki Trust and The Hauhungaroa Partnership. —