Tuesday, 23 March 2021 17:55

Ngāi Tahu invests in miniature apple company

Written by  Staff Reporters
Rockit chairman John Loughlin says the company sees great value in the significant investment Ngāi Tahu Holdings has made in its business. Rockit chairman John Loughlin says the company sees great value in the significant investment Ngāi Tahu Holdings has made in its business.

Ngāi Tahu Holdings has taken a 6% stake in Rockit Global Limited the branded miniature apple company.

Ngāi Tahu Holdings is the investment arm of the South Island’s largest iwi Ngāi Tahu. Its investment came after the recent completion of a successful capital raise by Rockit.

At the same time, Punchbowl Investments-led group – PB Rock – lifted its combined Punchbowl and PB Rock stake to 15% in the company.  Pioneer Capital remains the largest stakeholder in Rockit Global Limited, holding around 40%.

Rockit chairman John Loughlin says the investment was completed by Ngāi Tahu Holdings in late February, and that all parties are extremely pleased with the outcome.

“Ngāi Tahu Holdings expressed an interest in Rockit early on in the process, recognising there was alignment with its strategic goals. We also see great strategic value in this relationship – value that stretches far beyond the benefit of the significant investment Ngāi Tahu Holdings has made in our business.”

Ngāi Tahu Holdings chief executive Mike Pohio says it’s an investment to be celebrated.

“This opportunity will benefit both sides by providing Rockit with more capacity for future orchard developments, as well as further diversifying and increasing the growth profile of our portfolio,” he says.

“This investment is consistent with our overall strategy and is a wonderful opportunity to work alongside a fast-growing, innovative New Zealand company with a strong team.”

Rockit’s capital-raising process began in late 2020, and took place over three stages – beginning with offers to growers and existing investors. Both offers were oversubscribed, which the company claims is testament to the strides it has made developing key offshore markets, appointing top talent and establishing world-leading technical innovation.

Meanwhile, foundation investor Punchbowl Investments Ltd, along with its PB Rock group of investors – major stakeholders in the kiwifruit sector – says it took the opportunity to build on its investment in Rockit Global. 

“The Punchbowl group is pleased to be taking one of the lead roles in the capital raising,” says executive chairman, Rob Craig. 

“We have supported Rockit at every turn and we are pleased to see the business taking another step forward.”

Loughlin says Rockit has been on a sharp global growth path and that the capital-raise will enable several high-profile projects to move forward

“Our state-of-the-art packhouse and headquarters located in Irongate, Hastings is nearing completion, and its second phase will take a large portion of this funding. We’ll also look to establish our own orchards – which diversifies our business – and support strategic global sales and marketing activity.”

He says the investments made by Ngāi Tahu Holdings and PB Rock, coupled with the support from existing investors and grower investors, is exceptionally influential.

More like this

Geographical diversification

Rockit Global says horticulture has the potential to transform the rural Canterbury landscape over the next 20 years.

Southern launchpad for Rockit

One of the power farming families of South Canterbury is branching out into orcharding with the establishment of a large apple orchard, near Rangitata.

T&G assessing cyclone damage

One of the country’s largest apple packer and exporter, T&G Global is assessing damage to its facilities in Hawke’s Bay and Gisborne.

Featured

Sheep drench resistance costly

Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.

Dairy sheep and goat turmoil

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.

Hurry up and slow down!

OPINION: We have good friends from way back who had lived in one of our major cities for many years.

National

Bumper cherry exports in 2024

New Zealand cherry producer Southern Fruits International expects to send up to 340 tonnes of luxury cherries to the global…

Machinery & Products

Pollution into fertiliser

While the new government is sure to “tinker” with the previous administration’s emissions policy, a recent visit to New Zealand…

Smart money backs smart machine

Marlborough-based start-up SmartMachine claims its new machine is one of the most significant operational step changes for viticulture since the…

Robo packer hits a billion

New Zealand inventor and manufacturer Robotics Plus Limited’s fruit packing robot has hit a major milestone of one billion pieces…

Crop care business expands

Five years ago, agricultural machinery specialist Lemken acquired the Dutch company Steketee B.V and expanded its crop care product portfolio…

» Latest Print Issues Online

The Hound

Why?

OPINION: A mate of yours truly wants to know why the beef schedule differential is now more than 45-50 cents…

Fat to cut

OPINION: Your canine crusader understands that MPI were recently in front of the Parliamentary Primary Sector Select Committee for an…

» eNewsletter

Subscribe to our weekly newsletter