Wolseley exits Freshmax to Maui Capital
Wolseley Private Equity has fully exited Australian fruit and vegetables supplier Freshmax through a secondary sale to Maui Capital, an Auckland-based private equity firm. The deal closed before the end of 2011, giving Wolseley enough time to return money to investors in its first fund - which closed at $107 million in 2005 - by the end of December.
Wolseley purchased Freshmax in 2006 and the company now claims it is the largest independent fresh produce business to be fully integrated across Australia and New Zealand. Annual revenue has grown to more than A$350 million ($370 million) - two thirds of which comes from Australia and one third from New Zealand - from an initial base of A$100 million.
In addition to pursuing organic growth initiatives, Wolseley has made several strategic acquisitions, including De Luca Banana Marketing, Australia's largest banana marketing business, earlier this year.
"Freshmax is the stand-out business in an attractive investment sector and we wish the management team, grower supply partners and the Freshmax board much continued success in the next stage of the group's development," said Brendan Hill, a director of Wolseley and a board member of Freshmax.
As part of the transaction, company management will continue to be significant shareholders in the business.
Maui Capital is currently investing from the NZ$250 million ($205 million) Maui Capital Indigo Fund, which closed in 2008.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.