Buyers found for NZ exporter Mr Apple

Hastings, NZ: Receivers overseeing the sale of assets belonging to New Zealand’s largest fresh apple exporter, Mr Apple New Zealand, have signed an agreement to sell a 79.71% shareholding in parent company Scales Corporation held by failed New Zealand bank South Canterbury Finance (SCF).

Mr Apple assets currently held by Scales include 20 orchards, three packhouses and a cold store. Mr Apple provides a logistics service for its own operation and a number of external growers in the Hawke’s Bay and Nelson areas.

The majority share in Scales is expected to be purchased for NZ$44m by a consortium of investors including local firm Direct Capital, as well as the New Zealand Superannuation Fund and Accident Compensation Corporation.

The sale will only be finalised once certain regulatory conditions have been met, a process which Downey said was expected to be completed in the coming months.