Paine-backed Costa to buy Adelaide Mushrooms
The Costa Group, an Australian fresh produce company backed by global private equity firm Paine & Partners, is to acquire Adelaide Mushrooms. Financial terms of the transaction were not disclosed.
Adelaide Mushrooms, which claims to be South Australia's number one mushroom producer, provides supermarkets, greengrocers, institutions and food service operations across Australia.
Under the terms of the acquisition, which is still subject to customary conditions, Costa will acquire all of Adelaide Mushrooms' assets, including its new 360-acre production complex in South Australia, its farms in Tasmania and its mushroom center at the Adelaide Markets.
Adelaide Mushrooms' chairman, Douglas Schirripa, will work with Costa's team in an advisory capacity.
"The acquisition of Adelaide Mushrooms is a great next step in Costa's growth strategy," Kevin Schwartz, a founding partner at Paine & Partners, said in a statement. "Mushrooms represent an attractive market and sizeable opportunity for Costa, given their year-round indoor production and favorable demand trends."
The investment was made through Paine & Partners' $1.2 billion fund, Paine & Partners Capital Fund III. The firm provides equity capital for management buyouts, take-private transactions and company growth deals. The firm says it engages exclusively in friendly deals developed in cooperation with company management.
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.