NZ Super buys 27% stake in domestic food player

NZ Gourmet CEO Paul Martin said in a release that his company approached NZ Super because it was attracted to the pension fund’s long-term vision. The capital will be used to support growth both domestically and offshore.

Founded in 1982, NZ Gourmet produces fruits and vegetables including asparagus, tomatoes, chilis, and cherries, while also marketing the output to consumers across Australasia and the Americas. It claims to be one of the largest exporters of bell peppers and blueberries in New Zealand. Customer-facing brands include Gourmet Blueberries and Sweet Red for strawberries.

“Our decision to invest in NZ Gourmet, and our confidence in its long-term prospects, is backed by growing global demand for fresh fruit and vegetables and an increasing focus by consumers on health and wellness,” said Mark Fennell, acting CIO for NZ Super.

NZ Super, which uses a reference portfolio instead of the strategic asset allocation model, has increasingly moved capabilities in-house in recent years, becoming a more active direct investor. As of 2017, its domestic and offshore direct investment teams comprised eight and five professionals, respectively.

Fennell’s position as acting CIO follows the promotion of Matt Whineray earlier this month to CEO. This followed the departure of Fiona Mackenzie as head of external investments and partnerships in October last year. Mackenzie’s role has since been filled by Del Hart.  

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• Topics
• Australasia
• Expansion
• Consumer
• LPs
• New Zealand
• New Zealand Superannuation Fund
• Agriculture