T&G Global has continued its partnership with the New Zealand Superannuation Fund – with a second orchard sale to its rural investment manager FarmRight to help expand one of New Zealand’s best-returning premium export apples, Envy.
As a result of the deal, T&G will sell its 40-hectare Steiner orchard in Hawke’s Bay, and will be contracted to provide all post-harvest, export and marketing services for Envy grown on the orchard. It follows on from FarmRight’s acquisition of a 40-hectare orchard from T&G in 2021.
T&G Chief Executive, Gareth Edgecombe, said the NZ Super Fund’s investment provides increased capital to further accelerate T&G’s premium Envy apple brand to meet growing consumer demand.
“Globally, there’s incredible appetite for Envy, especially in China, Vietnam, Thailand and the United States where consumer demand for Envy and its superior attributes is exceptionally strong. It’s this momentum that has Envy™ on track to be a billion-dollar brand by 2027,” says Gareth.
“By expanding our partnership with the NZ Super Fund, we’re able to free up further capital to invest in Envy’s growth and apply our expertise in orcharding, post-harvest, marketing and sales to increase volumes to meet consumer demand - which is expected to increase five-fold by 2030.
“Envy’s™ strong brand presence and outstanding eating qualities, together with its exceptional orcharding qualities, are the reasons growers and investors are choosing to back Envy,” said Gareth.
FarmRight’s CEO, Jim Lee, says it’s fantastic to partner with T&G for a second time in two years.
“With our focus on investing in high-performance agriculture and horticultural assets for the long-term, the NZ Super Fund will be able to harness returns from Envy™ to help fund the retirement needs of Kiwis.”
The transaction was settled on 15 July 2022.