The Crafar Farms stretch across the Central North Island to Wanganui, and the company's website says Allan, Beth and Frank Crafar have been farming those rolling lands for the past 30 years.
"They started with nothing and have worked their way to owning multiple farms through their ambition, innovation, andclever operation," the website says.
Four of the Crafars' companies - Plateau Farms, Hillside Farms, Tararua Farms and Ferryview Farms - were placed into receivership on October 5 last year, owing a reported $200 million to Westpac, RaboBank and PGG Wrightson.
Those companies owned at least 20 of the 22 Crafar farms, the receivers, KordaMentha, said last year.
"It is the bulk of the Crafar interests," receiver Michael Stiassny said.
The latest $1.5 billion offering from Natural Dairy (NZ) Holdings was not the first time the company has approached Crafar Farms.
Last September Crafar Farms was in talks to sell its assets to Natural Dairy (NZ) for $200 million.
The Crafar family companies, based in Reporoa, south of Rotorua, also hit the headlines last year over their environmental and animal welfare practices.
In October Ministry of Agriculture inspectors visited all 22 farms and reported underweight cows, overstocking, inadequate feed and lack of shelter for calves.
The problems were reportedly exacerbated by heavy spring snowfall in the Central North Island high country late last year.
Hillside Farms pleaded guilty in the Hamilton District Court in December to four charges of unlawfully discharging effluent to land and breach of an abatement notice.
