New Zealand Superannuation Fund Backs Growth of T&G Global’s Envy™ Apples; Gareth Edgecombe and Jim Lee Comment
NEW ZEALAND - There is no cap to the success that can be achieved with the right players on your team. T&G Global recently unveiled a crucial new partnership with the New Zealand Superannuation Fund (NZ Super Fund) through its New Zealand rural investment manager, FarmRight. The innovative new alliance will work to grow Envy™, one of New Zealand’s premium export apples.
“Global consumer demand for Envy is projected to increase five-fold by 2030, which means we need to source an additional 10 million tray carton equivalents (TCEs) globally to meet the forecast 25 million TCEs that will be needed by then,” said Chief Executive Officer Gareth Edgecombe, noting that the partnership allows T&G to increase supply of its premium Envy apples to meet this growing demand. “With the NZ Super Fund’s focus, through its manager FarmRight, on creating long-term value by generating returns off the land, we can apply our world-class orcharding services and our global supply chain, marketing, and sales expertise to deliver incredible apples to consumers, as well as strong grower returns.”
According to a press release, T&G has sold 40 hectares of Hawke’s Bay orchards (its Rosewood, Taylor, and Trotter orchards) to NZ Super Fund, with T&G contracted to provide orchard services and all post-harvest, export, and marketing services. This move frees up capital for the supplier to invest in the brand’s ambitious growth strategy, while providing the government’s NZ Super Fund with returns to help fund the future superannuation costs of kiwis.
“Envy is a great New Zealand horticultural success story. It’s a world-leading apple, harnessing incredible IP from our partners at Plant & Food Research. With its fantastic, crisp crunch; perfectly balanced sweet flavor; and bright red color, consumers around the world actively seek it out,” Edgecombe continued. “With Envy’s strong consumer preference, combined with the strength of the brand and its superior orcharding qualities, it means growers have the potential to make an attractive return on investment, once their orchards are at full maturity.”
The transaction was officially settled on November 19, 2021. Jim Lee, Chief Executive Officer of FarmRight, stated that the company is looking forward to growing the value of Envy alongside T&G.
“Envy is a high-quality apple with big potential, especially in China, Vietnam, Thailand, and [the] USA,” he commented. “This global demand, combined with a strong track record of returns, makes it a solid investment. We’re really pleased to be partnering with the T&G team to help grow the brand, with the returns ultimately assisting the government meet the future cost of New Zealand’s Superannuation.”
AndNowUKnow will continue to report on key alliances forming in the produce industry, so stay tuned for our next report.
