COSTA Group changing ownership

Costa Group has achieved an important milestone in its more than 120-year history with the company’s ownership officially changing hands.

Costa’s shareholders voted in favour of accepting an offer of $3.20 per share from an experienced North American based consortium made up of Paine Schwartz Partners, Driscoll’s Inc. and British Columbia Investment Management Corporation.

Cost Group’s interim chief executive officer, Harry Debney said, “The Costa team is looking forward to the future and working with its new owners, who given their extensive background of investing in and operating high quality agricultural assets, are committed to further building the business’s capacity and ensuring its ongoing success.”

Started by the Costa family, in Geelong Victoria, Australia in the late 1800s, the business over many decades grew into a leading global horticultural company, recognised as having a unique and valuable portfolio of premium quality fresh produce.

Paine Schwartz Partners has a long and established track record of investing in the agricultural and food supply chain, which includes a prior equity stake in Costa

As of February 2024, Costa has a production and grower network spanning every state of Australia, China, Morocco, and southern Africa. Costa products are sold into numerous countries around the world, including throughout Europe, UK, Asia, and North America.

Costa is also recognised as being an industry leader in the development of genetics and new plant varieties, especially blueberries.

Driscoll’s are well known to Costa, having successfully operated joint ventures together in Australia and China.

Costa and Driscoll’s will be working on specific projects to grow the global berry business, in addition to their existing arrangements in China, Australia and the Americas which will continue unaffected.

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