Wolseley, a relatively new private equity firm in Sydney, has made an investment to acquire a 50 percent stake in Freshmax, New Zealand’s largest fruit and fresh produce distributor. Financial terms of the deal were not disclosed.Â
Â
Established in 2004, Wolseley closed its maiden fund on A$110 million (€66 million; $85 million) in September last year. The fund seeks investments in companies worth between A$20 million and A$100 million in enterprise value.
Â
The Freshmax investment is aimed at helping the company to expand into Australia where according to Wolseley the fragmented fruit and produce distribution market presents consolidation opportunities.
Â
Wolseley will take a seat on the company’s board. The existing management in Auckland led by founder and managing director David Smith will be retained.
Â
Freshmax employs over 200 people and boasts of sales around A$125 million. The company plans to expand the business to Australia, to achieve a combined sales turnover of $300 million over the next two to three years.
Â
Peter Hasko, a partner at Wolseley, led the transaction. Founded by former Bain & Company managemet consultants, the firm started out as a corporate advisor before it evolved into a private equity fund management operation.
Wolseley acquires 50 percent stake in Freshmax
Wolseley, a private equity firm in Sydney, is backing the expansion plans of Freshmax, a fruit and fresh produce distributor based in New Zealand.