Major fruit and vegetable wholesaler negotiating business sale
One of Australia’s largest fruit and vegetable wholesalers, Moraitis, has confirmed that its business is for sale. A report in the Weekly Times newspaper has stated that Moraitis is negotiating a sale with a China-based company, Chevalier. Under the deal, the buyer would take control of Moraitis’ growers, packers and 11 subsidiary companies around Australia.
Moraitis is believed to supply around 90 per cent of Woolworths’ potato and onion trade, as well as supplying to Coles and other Australian supermarkets. Moraitis also supplies bananas, tomatoes, citrus, berries, melons, avocados, pumpkins, garlic, mangoes, cherries, capsicums, zucchini, apples and mushrooms, sourced from its growers on both the East and West coasts of Australia.
Company owner, Nick Moraitis, told the Weekly Times that he could confirm that they were negotiating with Chevalier, but he would remain a shareholder.
Chevalier own construction, property, insurance, hotels, information technology and food businesses in China, South East Asia, Europe, North America and Australia.
The announcement of the Moraitis’ deal with a China-based group comes at a time when other large Australian agricultural assets such as Cubbie Station (Australia’s largest producer of cotton,) and a number of major dairy acquisitions in Tasmania and Victoria, are being made by China-based investors.