New Zealand buyer takes the reins less than a year after previous sale
Duxton Farms has sold its South Australian apples business to New Zealand-based DAA Holdco for approximately A$9.2mn.
The sale includes Duxton’s freehold property in Loxton, leasehold properties in Monarto and Nangwarry, and all associated plant and equipment.
This divestment comes less than nine months after Duxton Farms acquired Duxton Apples, with the sale representing an uplift on the purchase price.
“Although “the business has been operating profitably since it was acquired, after careful consideration the board has decided to exit the position and focus on its core development projects which it believes will create more value for shareholders in the long term,” Duxton Farms said in a release.
The contract for sale has been successfully executed and settlement is due to occur at the end of July, subject to satisfaction of the conditions, including precedent regarding lessor consent for the transfer of the property leases.
