Richlisters Graeme & Harry Hart buy ice cream company Emerald Foods
Wednesday, 14 April 2021
Walter & Wild, the food group owned by rich lister Graeme Hart and his son Harry, has bought ice cream company Emerald Foods Group, returning it to Kiwi ownership.
The purchase, for an undisclosed sum, was finalised on Wednesday, Harry Hart said in a statement.
The Harts have been building up a major consumer foods business, having acquired Hubbard Foods, Hansells Food Group, Greggs and I Love Food. The purchase of Emerald Foods brings the ice cream maker back under local ownership after businesswoman Diane Foreman sold it to a Hong Kong group in 2015.
“This is a major acquisition for our business and an avenue into an attractive growth sector of the fast-moving consumer goods, foodservice and retail markets,” Harry Hart said. “It’s a good news story, bringing a New Zealand-founded business with well-loved brands back into New Zealand ownership.”
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The purchase expands Walter & Wild’s range to more than 500 products, reaching consumers from breakfast to dessert, Hart said.
The ice cream company’s brands include New Zealand Natural, Killinchy Gold, Zilch and Chateau and it also operates Movenpick under licence in New Zealand. It exports to 18 countries, and is distributed through grocery, food service and ice-cream parlours.
Walter & Wild has more than 350 staff across New Zealand and Australia, and its main markets are New Zealand, Australia and the United Kingdom.
Research firm Coriolis estimated Walter & Wild had annual revenue of between $150 million and $160m in 2018, while Emerald Foods had revenue of between $60m to $80m.
Walter & Wild chief operating officer Isi Tupou said the acquisition is “a highly positive result” for both businesses.