T&G Global confirms expressions of interest for potential sale

Fruit and vege exporter T&G Global has confirmed it has received expressions of interest in a potential sale of the business.

NZX-listed fruit and vegetable exporter T&G Global has confirmed that it has received several expressions of interest about a potential sale.

The Australian Financial Review (AFR) speculated that Australia’s ROC Partners, which has widespread agricultural interests across the Tasman, had already expressed an interest in a potential breakup of T&G Global, which is about 74% owned by Germany’s BayWa.

The paper said T&G Global would also be a logical bolt-on for Macquarie Asset Management, which has acquired a majority share in one of Australia’s largest fresh produce providers, Fresh Produce Group.

T&G Global, in a statement to the NZX, said it was aware of speculation in the AFR.

“Following BayWa AG’s December 2024 announcement that it is reducing its international investments as part of its business-wide transformation programme, T&G Global has received a large number of expressions of interest in its business.

“At this time, T&G Global is not aware whether BayWa has made a decision about its shareholding in T&G Global.”

Meanwhile, T&G Global was going through a process to consider its strategic options, the company said.

This included sharing initial business information to determine whether, at some stage in the future, it might be appropriate to explore any form of sales process for any of its divisions.

T&G Global had engaged Craigs Investment Partners to advise on its strategic direction.

T&G Global has a market capitalisation of about $220 million. Its shares last traded at $1.79.

Most of the company’s revenue comes from its apple division.

Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.