Kiwi favourite Pic’s Peanut Butter has sold a majority stake to Australian food ingredient supplier Scalzo Foods in a multimillion-dollar deal.
The Nelson-based company, founded by entrepreneur Pic Picot in 2007, is now partly owned by Melbourne-headquartered Scalzo, a family-run business with operations across Australasia.
“I started making my own peanut butter when I got frustrated by not being able to find any at the supermarket without added sugar and other nasties. People seemed to like my homemade peanut butter, so I started selling it at the Nelson Market, " said Picot.
"That was in 2007. Since then, people who’ve loved our peanut butter have spread the word, and we’re now New Zealand’s best-selling peanut butter."
The company will continue to operate from its Nelson facility, Pic’s Peanut Butter World, which employs 50 staff and attracts thousands of visitors annually. With a good share of New Zealand’s peanut butter market, Pic’s will maintain its commitment to original recipes and high-quality peanuts.
Governance will be shared by Pic’s chief executive, Aimee McCammon, managing director, Michael Scalzo, and independent director Nicola O’Rourke. Scalzo may eventually take full ownership.
Founded in his garage with a concrete mixer, Picot’s brand has grown into one of New Zealand’s most recognisable food exporters.
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