NZ Super Fund takes 27 percent stake in NZ Gourmet

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The NZ Super Fund has invested in international fresh fruit and vegetable grower and marketer NZ Gourmet (www.nzgourmet.net), taking a 27% stake in the company for an undisclosed price.

Founded in 1982 by brothers Paul, Chris and Tony Martin and father John Martin, NZ Gourmet produces and markets high quality 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.

The US subsidiary, Gourmet Trading Company (www.gourmettrading.net), specializes in fresh Asparagus and Blueberries, with continual investment and management of their own farms in South America, Mexico and the US; and strong grower relationships from both North and South America. The combination of company owned farms and contracted growers enables the US operation to provide their customers with top quality products year round.

NZ Super Fund Acting Chief Investment Officer Mark Fennell said: “NZ Gourmet is a Kiwi success story and we look forward to partnering with the company as it continues to expand internationally.”

“Our decision to invest in NZ Gourmet, and our confidence in its long-term prospects, is backed by growing global demand for fresh fruit and vegetables and an increasing focus by consumers on health and wellness.”

“We are delighted to have found another world class investment for the NZ Super Fund in New Zealand.”

NZ Gourmet CEO Paul Martin said: “NZ Gourmet approached the NZ Super Fund because we were interested in partnering with a New Zealand investor with a long-term outlook. We will use the new capital to support our continued growth and expansion both domestically and offshore. This is a positive step forward for NZ Gourmet’s future and we look forward to a long and successful partnership with the NZ Super Fund.”

NZ Gourmet is one of the largest fresh blueberry exporters and capsicum producers in New Zealand. NZ Gourmet and its US subsidiary Gourmet Trading Company supply leading retailers in North America, Asia and Australasia.

Mr Martin will remain as CEO.

Mr Martin acknowledges the support of NZ Gourmet’s employees and joint venture partners including Tuaropaki Trust and The Hauhungaroa Partnership.