Acquisition of citrus grower 2PH Farms Business and fundraising

Australian producer, packer and distributor of fresh fruit and vegetables Costa Group Holdings Limited informs that it has entered into binding agreements (subject to the satisfaction of customary conditions) with a group of companies (Pressler entities) to acquire the business and assets of 2PH Farms Pty Ltd and its related entities (“2PH”), a citrus grower based in central Queensland for an initial cash consideration of approximately $ 200 million.
Costa will pay an additional $ 31 million in July 2023 for the purchase of the ‘Conaghans’ property, where a new citrus crop is currently being planted by 2PH, under certain conditions. An investor introductory webcast will be hosted by Costa starting at 10:30 am AEST today (June 23).

Craig Pressler, Owner of 2PH Farms, said: “2PH has a long and successful history, having been founded by my parents John and Pam Pressler, my uncle Geoffrey Pressler and Darryl Hess approximately 51 years ago. We have invested a lot of work and effort into becoming the successful company we are today, which is an industry leader, with an established reputation as a breeder and producer of high quality citrus fruits.
and an emblematic brand both nationally and internationally. 2PH has had a close relationship with Costa for over a decade through our successful national marketing alliance with Bindi Pressler having
assumed the role of Marketing Manager 2PH, for both citrus and grape crops. I know and trust Costa, and am happy that the business is owned and operated by an Australian company that is not
only an industry leader, but also has a real commitment to continue to build on 2PH’s reputation for growing and exporting high quality citrus ”.

Costa has an established relationship with 2PH, having successfully marketed 2PH citrus fruits for over 10 years in the Australian domestic market and in the domestic and export markets this timeframe.
2021. The total initial funding requirement is approximately $ 219 million (including stamp duties and transaction costs) and is to be funded with the proceeds of a fully subscribed pro-rated accelerated program.
waiver of rights offering (“PAITREO”) with negotiation of retail rights to raise $ 190 million and existing credit facilities.

Click here for the full press release.

Source link

Previous In a context of economic uncertainty, many banks are considering fundraising plans
Next SSO launches a major fundraising policy

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *