T&G Global Limited (“TGG” or the “Company”) today announced it has agreed the sale of its T&G Fresh business, through three transactions.
Sale and purchase agreements have been entered into with Bidfood, for T&G’s Fijian and Pacific Islands export businesses; with Pukekawa Holdings Limited and Ashsadeep Company Limited (or nominee) for T&G’s 51% shareholding in Unearthed Produce Limited; and with the Turner family, for TGG’s New Zealand fresh produce business, subject to Commerce Commission clearance. The Turner family will lease from TGG the properties from which relevant growing units operate.
The three transactions
“With the global premium fresh fruit category worth US$89 billion in 2025, and the premium apples segment worth US$13 billion, and growing at 8% CAGR out to 2030, TGG’s Apples and VentureFruit businesses are strategically placed to capitalise on these very attractive growth opportunities.”
Benedikt Mangold, TGG Chair
“By divesting T&G Fresh, it allows us to concentrate our focus and capital on our Apples and VentureFruit businesses, which are well positioned to increase market share and maximise shareholder value.”
A strong future for T&G Fresh
Gareth Edgecombe, TGG Chief Executive Officer, said the sale of T&G Fresh provides a strong future for this iconic business, while firmly positioning T&G Global for considerable growth.
“We have run a highly competitive sales process for the sale of T&G Fresh, with multiple interested bidders, and we are confident the three transactions deliver the optimum value for shareholders.”
Gareth Edgecombe, TGG Chief Executive Officer
“The sale involves separating various T&G Fresh business units, with each being acquired by high quality investors with strong strategic fit. Not all of T&G Fresh is currently being sold, with the Australian blueberry farm and associated marketing and trading business being strategically retained and reintegrated into VentureFruit, while certain property assets will be leased to the Turner family at market rates.”
“Overall, despite realising an impairment of the T&G Fresh assets retained with the sales, the combined value of sale proceeds and of the assets retained is broadly in line with holding value, as estimated by our Board and Craigs Investment Partners Limited. Across all business units, TGG continues to perform strongly in 2026, and we will update the market on our interim results on 7 August.”
The attached appendix provides further information on the transactions: nzx.com/announcements/477106