Canadian pension fund PSP Investments pays more than A$100m for 1,000ha of Queensland macadamia orchards
Leading macadamia grower Macadamias Australia has sold a large portion of its assets to Canadian pension fund PSP Investments for reportedly more than A$100m (US$70m).
According to a report from the Australian Financial Review, PSP – through its local agribusiness venture Stahmann Webster– purchased 1,000ha of orchards and land and associated macadamia cracking, processing and packaging facilities from the Bundaberg-based operation run by the Steinhardt family.
The land is planted with more than 200,000 macadamia trees that produce around 2,000 tonnes of nut-in-shell each year.
Ron and Marion Steinhardt founded Macadamias Australia in 2004 and will remain in the macadamia sector after retaining ownership of several business units. This includes the Happy Nut retail business and Macadamias Australia’s tourism business, cafe and Farmfresh Fine Foods vegetable processing facility.
According to the report, all Macadamias Australia employees will be offered roles in the combined business (or the operations to be retained by the Steinhardt family). Contracts with external growers will roll over as part of the transition.