{"id":404046,"date":"2026-04-29T23:58:08","date_gmt":"2026-04-29T23:58:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/404046\/"},"modified":"2026-04-29T23:58:08","modified_gmt":"2026-04-29T23:58:08","slug":"tg-global-in-talks-to-sell-fresh-produce-arm-to-turner-family","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/404046\/","title":{"rendered":"T&G Global in talks to sell fresh produce arm to Turner family"},"content":{"rendered":"Separately, T&G has been advised that BayWa Global Produce GmbH\u2019s intention to exit its T&G shareholding remained.<\/p>\n
While BayWa has expressed its strong confidence in T&G\u2019s long-term strategy, it is looking to exit for its own stated reasons, the company said.<\/p>\n
In response, T&G has appointed Goldman Sachs as financial adviser to assess strategic options for T&G, including a potential sale of the company.<\/p>\n
The possible sale of T&G was first flagged by BayWa, which owns 74% of the company, last July.<\/p>\n
T&G said the sale of its New Zealand fresh produce business was proposed to include the T&G Fresh tomato, berry, citrus and stone fruit growing operations, wholesale market network, and the export, prepacking and transport businesses.<\/p>\n
It was proposed that the Turner Family will lease from T&G the properties from which relevant growing units operate, it said.<\/p>\n
The sale to Bidfood is proposed to include T&G\u2019s Fijian business and T&G Fresh\u2019s Pacific Island Exports business.<\/p>\n
T&G chair, Benedikt Mangold, said following the completion of the strategic review, the company was planning to sell the businesses to focus on its premium, intellectual property-led Apples and VentureFruit platforms.<\/p>\n
\u201cOver the last 12 months, the board has conducted a comprehensive review to evaluate T&G\u2019s long-term strategy and growth options,\u201d Mangold said.<\/p>\n
\u201cWe assessed each of our Apples, T&G Fresh and VentureFruit business units against our growth profile, capital intensity, reliance on intellectual property, and contribution to long-term shareholder value.<\/p>\n
\u201cThis confirmed the attractiveness, scalability and resilience of our Apples and VentureFruit strategies, with intellectual property at the foundation of their competitive advantage.\u201d<\/p>\n
The Apples business had been T&G\u2019s key growth pillar for many years, and both businesses are strategically placed to capture growing market share in the premium apple category, which the company estimated to be worth US$19 billion ($32.7b) by 2030.<\/p>\n
\u201cAt the same time, the review confirmed that certain businesses within T&G Fresh have different characteristics,\u201d Mangold said.<\/p>\n
\u201cWhile they\u2019re operationally strong and well-managed, these businesses are more mature and less reliant on scalable intellectual property advantage than T&G\u2019s targeted growth platforms.\u201d<\/p>\n
T&G and its board received financial advice from Craigs Investment Partners in conducting the review.<\/p>\n
Craigs will continue to provide financial and strategic advice to T&G going forward.<\/p>\n
T&G chief executive, Gareth Edgecombe, said both proposed owners have deep sector expertise and strong belief in the underlying businesses.<\/p>\n
\u201cThe sale will see the Turners & Growers legacy protected, with the business returning to Turner family ownership, and the sale of our Fijian and Pacific Island Export businesses to Bidfood, aligns well with their global foodservice business model and network,\u201d he said.<\/p>\n
\u201cThe proposed divestments will allow T&G to maximise growth and shareholder value through our global Apples and VentureFruit platforms,\u201d Edgecombe said.<\/p>\n
Further details of the transactions will be released following the signing of the sale and purchase agreements.<\/p>\n
T&G shares last traded at $2.48, having gained 47.6% over the last 12 months.<\/p>\n
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.<\/p>\n
Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our\u00a0Business newsletter<\/a>\u00a0\u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"Separately, T&G has been advised that BayWa Global Produce GmbH\u2019s intention to exit its T&G shareholding remained. While…\n","protected":false},"author":2,"featured_media":404047,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[24928,15153,208265,138,49063,67447,103238,2109,19363,8456,2065,1437,78,111,139,69,58416,51460,1133,312,13311,301,208266,155420,61,413,21980],"class_list":["post-404046","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-advanced","tag-arm","tag-baywacontrolled","tag-business","tag-companys","tag-discussions","tag-exporter","tag-family","tag-founders","tag-fresh","tag-fruit","tag-global","tag-in","tag-new-zealand","tag-newzealand","tag-nz","tag-nzxlisted","tag-produce","tag-sale","tag-says","tag-sell","tag-talks","tag-tampg","tag-tg","tag-to","tag-turner","tag-vegetable"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/404046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=404046"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/404046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/404047"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=404046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=404046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=404046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}