PRIVATE EQUITY PARTNER CHANGE AT FRESHMAX 

Australasian fruit and produce company, Freshmax Pty and Group subsidiaries, Holman Fresh and De Luca Banana Marketing, have accepted an offer from a new private equity investor.

Wolseley Private Equity (Wolseley), who invested with Freshmax NZ in 2006, has seen its investment triple in size from significant organic growth and the acquisitions of John Holman & Co, Panda Ranch, Oztaste, Grewal and De Luca Banana Marketing in Australia and a joint venture farm with Crasborn Group, a Hawkes Bay summerfruit and pipfruit grower and post harvest operator in New Zealand. Whilst the company has moved its registered office to Australia, it still retains a large NZ investment profile.

New Zealand based but Australasian backed investor - Maui Capital (Maui) will acquire 100% of Wolseley's interest, and assist management to update their current shareholding resulting in the continuing role of management and grower supply partners as shareholders.

Maui also offers Freshmax new capital to continue the growth of the Group which has been impressive over the last five years where expansion has resulted in sales and profit growth with particular focus on Australia. Gross sales are now in excess of AU$365m, securing the Group as one of the largest fully integrated corporate trans-Tasman fruit and produce business - both domestic and export.

The company will continue with its current management structure:

                Group CEO                                      Tony Mahoney

                Group CFO                                      Helen Waterworth

                CEO NZ                                            John Scott

                CEO Holman Fresh                       David Holman

                De Luca Banana Marketing         Tony De Luca and Alan Engeman

while David Smith will be promoted into the role of Chairman.

Intellectual property, distribution services and the completion of a national network in Australia have been cited as key opportunities for Freshmax's future. The expansion in grower supply partners will also be a major focus for the Group.  New Chairman David Smith said "With Maui investment into our Group we can again look to significant acquisitions in 2012 to further expand our business profile."  The first new acquisition is the establishment of a California office to assist with two way trade - both citrus and grapes from the USA to New Zealand and Australian customers, and our NZ apples, Australian pears and subtropical produce range to the USA.

Having achieved their strategic objectives, Wolseley will end its involvement with the Group.  "We are very pleased to have been associated with Freshmax during a remarkable growth period" said Brendan Hill, a Director of Wolseley.  "Freshmax is the stand-out business in a very attractive investment sector and we wish the management team, grower supply partners and its new investment partner every success for the next stage of their development."