One of New Zealand’s largest fresh produce companies, T&G Global has signed an agreement to purchase the domestic fresh produce division of Freshmax NZ. T&G Global CEO Gareth Edgecombe said that the deal, costing US$20 million, will strengthen the firm’s New Zealand business, deliver better service to growers and customers, provide a platform for an enhanced supply chain and supply the highest quality fresh produce to customers year-round. He said, “Freshmax NZ brings a strong team, operations and facilities and a large distribution services business which are all complementary additions to T&G’s NZ Produce business.”
T&G Global’s managing director New Zealand Produce, Andrew Keaney, said the acquisition brings excellent trading relationships and strong supply relationships in key categories.
“We’re excited to bring together the combined strengths of the Freshmax and T&G teams, suppliers and customers into our business, and build a stronger combined presence in the New Zealand market.
The deal includes three market sites (Auckland, Wellington, Christchurch) and distribution services across the country. It is still subject to review by the Commerce Commission.
Danish logistics company DSV is to take over the Swiss company Panalpina for US$4.6 billion in a bid to consolidate its position in the transport sector. According to Reuters, DSV is seeking to broaden his company’s global reach and cut costs. With the addition of Panalpina, DSV will become the world’s fourth-largest freight-forwarding company, behind DHL Logistics, Kuehne & Nagel and DB Schenker. DSV expects to be able to integrate Panalpina within two to three years and is confident that the takeover will be approved by the competition watchdog.
The European Commission is to delay until July 30th its ruling on Total Produce’s €260m acquisition of a stake in Dole. The move comes after the Total Produce agreed to a number of concessions. The changes are believed to be minor. The EU’s competition watchdog had previously set July 16th as the initial deadline.
The Irish fresh produce distributor announced early this year its intended acquisition of a 45% stake in Dole, one of the world’s top producers of bananas and pineapples. To fund the deal, it is seeking to generate US$150m. If approval is obtained from US and EU regulators, a global conglomerate with combined sales of €8bn will be created. Total Produce has the option to fully acquire Dole in five years.