Australia-based Valleyfresh has subsidiaries that include Valleyfresh North America. Freshmax’s export and import business includes activity in California.
The investment makes it possible to use Valleyfresh resources to further develop the company’s New Zealand prepack, ripening, import and value added businesses, Freshmax chairman David Smith said in a news release.
Valleyfresh management will continue to own 49% of the company, and Garth Lockyer will remain chairman. Murray McCallum should transition into the chief executive officer role in the next six to 12 months.
“Our group is looking to develop a number of services in this sector and we recognize the expertise and experience within the Valleyfresh network,” Smith said in the release. “This business has developed excellent supply partnerships and brands from its North American office.”
Maui Capital, a private equity partner, will back further expansion of the businesses. Both businesses will run autonomously with separate boards and executives.
Freshmax management owns 40% of Freshmax Group.