Buderim Ginger to become leading macadamia processor
Premium food producer Buderim Ginger is set to become the world’s leading broad-based macadamia nut processor and marketer after signing a letter of intent to acquire all of the assets of MacFarms of Hawaii, LLC (MacFarms).
Buderim Ginger Limited Chairman, John Ruscoe, yesterday announced the Company had signed a non-binding letter of intent to acquire substantially all of the assets of MacFarms and to lease a 3,903 acre macadamia orchard owned by Kapua Orchard Estates, LLC (Kapua), an affiliate of MacFarms.
MacFarms, based in the world’s largest macadamia market, is a Hawaii-based macadamia nut processor with a leading position in the United States. Buderim’s strength in the macadamia market is currently based around their Australian-based macadamia business, Agrimac. Mr Ruscoe said there were “significant synergies” between MacFarms and Agrimac’s current operations as both held unique positions in the global marketplace.
“We are very excited about the opportunities this acquisition will open up for us,” Mr Ruscoe said. “After the acquisition, the Company will become arguably the largest processor and marketer of macadamia nuts in the world, complementing Buderim Ginger’s long-held position as the world’s leading processor and marketer of confectionery ginger.”
Buderim Ginger currently operates within a few sectors outside macadamia processing. Their primary focus has been ginger processing and marketing throughout the world but they also manufacture and distribute wholesale pasta and pastry products in Australia as well as providing ginger and other retail products within the Australian tourism marketplace.
The transaction is expected to close in early August 2008, but negotiations are still to be completed.