Four family-owned orchard businesses in Victoria’s Goulburn Valley are merging into one company with the backing of international investment.
- Four Goulburn Valley orchard businesses maintain merged with backing from a Canadian fund
The deal includes extra than 500 hectares of orchard, water rights and two packing dwelling operations
Exports will most definitely be a key driver of the Pomona Valley business
A Canadian fund, the Ontario Teachers’ Pension Opinion, which manages extra than $200 billion in resources round the area, has ancient its Australian subsidiary, AustOn Company, to invest in the merged entity — that would maybe maybe be called Pomona Valley.
The family-flee orchard businesses involved are the Varapodio family’s Oakmoor Orchards, Turnbull Brothers Orchards, Pickworth Orchards and the Corridor family’s Chatswood Farm.
All are located west of Shepparton at Ardmona, Tatura, Mooroopna and Toolamba and include extra than 500 hectares of orchard, water rights, extra land and two packing-dwelling operations.
The scale of AustOn’s investment has now no longer been disclosed but the deal is field to International Investment Overview Board approval.
The new company will most definitely be huge.
“It be potentially in the stop 10 of horticultural fruit-growing businesses in Australia,” orchardist Peter Corridor talked about.
He talked about exports can be on the coronary heart of the Pomona Valley business.
“We think it is miles a immense mix of excessive-quality, excessive-class orchards with some patient money from a co-investment with the Ontario Teachers’ Pension Opinion.”
Opponents now colleagues
The four family businesses are effectively-known names in Goulburn Valley fruit growing and maintain competed against every other for loads of their historical previous.
“We now maintain been working on this for approximately three years.”
The fruit deal is now no longer the Canadian pension fund’s first foray into Australian agriculture.
AustOn paid extra than $100 million for two almond orchards in the Robinvale predicament remaining year and in addition owns portion of avocado grower Jasper Farms in Western Australia.
Chief government officer Tim Lee talked about in an announcement that AustOn became once proud to be partnering with native farming households and supporting their shared vision for the scheme forward for the horticulture sector.
Mr Corridor talked about he became once proud to maintain helped bring the investment to the Shepparton location.
“It be also a signal to folks who one in every of essentially the most a hit superannuation funds in the area has checked out the Goulburn Valley and talked about that would maybe maybe be a immense location to grow fruit.”
The corporate will begin operation on July 1 with Rocky Varapodio as traditional manager.