Dairy fund buys stake in Lewis Rd

Lewis Road Creamery is eyeing expansion with new shareholder Southern Pastures.

The boutique dairy products company said yesterday that the dairy farming investment fund, which is made up of local and overseas investors, had made a significant investment, which would let Lewis Road develop new products and markets.

Lewis Road founder Peter Cullinane wouldn’t say how much Southern Pastures invested but sources confirm it bought a 25 per cent stake. Southern Pastures tweeted that it was now a cornerstone shareholder.

Cullinane confirmed that he remained the largest shareholder and was committed to staying with the business.

‘‘With many new products and plans in the pipeline, we are excited about the opportunities this partnership presents for customers here in New Zealand and eventually overseas.’’

Long-life premium UHT products for export are high on the list of development priorities as Lewis Road eyes markets in Southeast Asia, Australia, the United States and Europe.

‘‘We’ve not had the time or resources to consider those markets before,’’ Cullinane said.

So far, Lewis Road has produced flavoured milk, chocolateflavoured butter, and icecream.

Lewis Road has 15 staff but Cullinane said this could double under the current plan.

Southern Pastures’ executive chairman, Prem Maan, will join the Lewis Road board.

‘‘We have invested into and operate 19 dairy operations and a beekeeping business where we have embedded sustainable farming and business practices,’’ Maan said. ‘‘Lewis Road Creamery’s approach is complementary to our goals and vision.’’