Equity sale coincides with Frank Mitolo’s planned transition to retirement
Mitolo Family Farms (MFF) announced that Ontario Teachers’ Pension Plan (Ontario Teachers’) will take full ownership of MFF after acquiring the remaining equity interest in the business.
Ontario Teachers’ initially invested in Mitolo Family Farms in 2023, acquiring a majority interest and providing capital to support the next phase of MFF’s growth strategy. Over that time, Ontario Teachers’ has preserved the strong family values of Mitolo Family Farms while continuing to build on its position as a vertically integrated grower, harvester, packer and marketer of fresh potatoes and onions in Australia.
This transaction strengthens Ontario Teachers’ Australian agricultural platform, AustOn, and sits alongside Ontario Teachers’ other investments of Aroona Farms (almonds in Victoria and South Australia), Jasper Farms (avocados in Western Australia) and Montague Farms (apples, stonefruit, cherries, table grapes and citrus in Victoria, New South Wales and Tasmania).
The investment from Ontario Teachers’ will further strengthen Mitolo Family Farms’ position as the category leader in potatoes and onions in Australia while enabling the business to pursue innovation, expand into new products and explore emerging opportunities in agriculture and food production. The business will continue to be known by the Mitolo name, reflecting both its strong reputation in market, and in recognition of the business’s valued family-operated history.
“As has been demonstrated over the past three years, Ontario Teachers’ is committed to preserving the Mitolo Family Farms tradition of strong family values while continuing to build on its reputation for exceptional performance,” said Tim Lee, managing director of AustOn.
We extend our sincere thanks to Frank, Darren and John and the rest of the Mitolo family for their commitment and dedication to building an outstanding Australian agriculture enterprise.”
The equity sale coincides with former managing director Frank Mitolo’s planned transition to retirement.
“As I follow my brothers in transition away from the business, I am confident that we have the right owner in Ontario Teachers’ to take the business forward. It has been an extraordinary journey to build one of Australia’s largest and most respected horticultural enterprises, and I am confident the business is well positioned for continued success,” said Mitolo.
“On behalf of the Mitolo family, I would like to express our gratitude to our dedicated teams for their hard work and commitment over the past three years as we welcomed new capital and transitioned to a new management structure.”
Michael Hudgin, senior managing director, natural resources, Ontario Teachers’ added: “We are pleased to have the opportunity to carry forward the legacy that the Mitolo family has built over the past 50 years. We remain committed to delivering long-term, sustainable growth and working to unlock new opportunities through innovation, technology and investment”.
