Apollo talks with Turners in search for investment

Hawke's Bay Apollo Apples is talking to a few possible investors. Photo/Thinkstock

Turners & Growers is one of several potential investors that Hawke's Bay's Apollo Apples is talking to, says Apollo managing director Bruce Beaton.

Turner & Growers, majority owned by German firm BayWa Aktiengesellschaft, made a statement to the New Zealand stock exchange recently saying it was in discussion with Apollo but no decision had been made.

The statement was in response to a media report that an acquisition of Apollo Apples by Turners & Growers was imminent.

"Turners & Growers confirms that it is in such discussions, however, no agreement has been reached in respect of this matter," company secretary Doug Bygrave said.

"The discussions may not ultimately lead to a transaction and, if any agreement is entered into, it is expected to be conditional upon various matters. A further announcement will be made at the appropriate time."

Mr Beaton told Hawke's Bay Today the talks were "nothing new".

"We have been to a number of parties that have access to capital to grow our business - capital to plant more orchards and expand on our our added-value food processing business," he said.

"We are still talking to those parties - it is ongoing."

When asked if the Apollo board was happy for the company to to be acquired, Mr Beaton declined to comment.

"We are looking for investors that can help us grow the business and we are open to what those options might be - we have been exploring those options for some time and will continue to do so."

Apollo grows and packs its own apples, exporting about 1.5 million cartons annually to 43 countries. At the peak of the season it employs 1000 people.

"Sometime in the future we will find a partner to invest with," Mr Beaton said.