OTPP acquires Australia's Jasper Farms

Financial terms of the transaction have not been disclosed, but Australian media previously reported that the likely valuation would be around A$180 million ($138 million). Founder Neil Delroy will reportedly stay on as manager of the farm for 18 months following the sale.

Jasper was founded by Delroy and his brother Ian over 13 years ago and is now Australia's second-largest avocado producer. It manages a 220-hectare farm with 82,000 producing trees, along with a second farm where new trees are grown to maturity.

"Avocados are difficult to substitute and their unique flavor and nutrient profile have helped them benefit from the growing demand for health foods in Australia and internationally," said Andrew Claerhout, senior managing director of infrastructure and natural resources at OTPP, in a statement. "The acquisition of Jasper Farms underscores Ontario Teachers' mandate to seek long-term investments in well-managed, producing agriculture properties to meet the growing global demand for food."

Jasper is OTPP's most significant investment in Australia's agriculture space since the pension fund acquired almond producer Aroona Farms in 2014. OTPP owns a 99% stake in Aroona, which has offices in Adelaide and two farms in Victoria and South Australia.

Agriculture makes up a small part of OTPP's global investment portfolio: according to the pension fund's most recent annual report agriculture stood at just 4% of its $10.5 billion natural resources portfolio as of December 2016. Global assets under management came to C$180.5 billion ($140 billion) as of June 2017.

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• Topics
• Australasia
• Buyouts
• Infrastructure
• Australia
• Agriculture
• OTPP