Existing executives will lead the merged entity, with Forest360’s managing director Dan Gaddum being appointed Group CEO, PF Olsen’s CEO Ross Larcombe appointed group chief commercial officer and Forest360’s Marcus Musson appointed group chief operating officer.
Gaddum said the business would cater to clients across the entire forest management value chain – from seed orchards and nurseries through to harvest management, forest management, and consulting services.
Adamantem is investing through its Environmental Opportunities Fund, which aims to invest in companies that support the transition to a net-zero economy.
PF Olsen manages forestry estates for a wide range of different clients.
In 2022, Quayside Holdings – the investment vehicle for the Bay of Plenty Regional Council – bought 44% of PF Olsen from private equity firm Direct Capital, which had been a shareholder for 11 years.
PF Olsen, which has been around for more than 50 years, also has a large operation in Australia, managing 212,000ha.
Forest360, formerly known as FOMS, was established in 2004 by Mike Bartells and Peter Gresham after Fletcher Challenge Forests’ break-up.
The merger is expected to be completed by February next year.
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
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