The Overseas Investment Office has approved Inghams Enterprises’ purchase of Bostock Brothers’ organic chicken business.
The $35.3 million purchase by the Australasian poultry giant was first announced by the company in March.
Established in 2014, Bostock Brothers Limited (BBL) is the only certified organic producer of poultry in New Zealand. Its operations are in Hastings, on the central east coast of the North Island.
The purchase is for 100% of the shares in BBL, including the brand with respect to poultry products, three freehold farming properties and the primary processing plant. The purchase is expected to be completed by the end of September.
The OIO also granted consent for Netherlands wealth management company Van Lanschot Kempen to purchase Paheko Orchards and Hawke’s Bay Apples, both of which are owned by John Bostock and Andrew Ross Wares as trustees of the BF Trust.
The 62 hectares of land being sold is being used as an apple orchard and the applicants plan to plant an additional 22ha of land in apples.
The sales come after the Bostock Group announced in October last year it would be selling off “some or all” of its businesses and assets.
In May, law firm Russell McVeagh said it had assisted Bostock Group in the sale of 240ha of orchard assets to Mr Apple NZ, owned by the Scales Corporation. The sale, valued at $46.5m, also includes Bostock’s 50% share in Profruit, a premium juice supplier.
