German parent of NZ’s largest fruit and vege grower looking to hock it off
Thursday, 26 March 2026
The German parent of NZX-listed T&G Global ‒ New Zealand’s largest fruit and vegetable grower, marketer and exporter ‒ appears to now be seriously casting around for a buyer for the business.
The move is not a shock for market watchers as Germany’s BayWa, which owns almost 74% of the former Turners & Growers, has had problems in the last year and foreshadowed a move to sell off some of its international operations, including its New Zealand business.
Serious endeavours to find a buyer have taken a while, because ‒ according to reporting in The Australian this week ‒ there have been “complications” with T&G’s Hong Kong shareholder, Joy Wing Mau Group, which owns almost 20% of the business.
Sources told the publication Joy Wing Mau Group had derailed previous attempts to find a buyer of the business, which has a market value of $289 million.
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But the company appears to have broken the impasse, and has hired Goldman Sachs to advise a transaction.
T&G Global noted the speculation and told the NZX today that, as previously advised to the market in July 2025, “the company is going through a process to consider its strategic options. No decision has been made at this time in respect of that process.
“As also previously advised to the market in July 2025, T&G Global’s largest shareholder, BayWa AG, has announced that it is proposing to sell its shareholding in the company. T&G Global confirms that it has appointed Goldman Sachs to assist the company in respect of that matter.
“T&G Global will continue to keep the market informed in accordance with its continuous disclosure obligations.”
BayWa AG acquired its majority stake in T&G Global ‒ the IP holder of many premium apple brands including Envy and Jazz ‒ in early 2012. At the time, Turners, as it was then known, was selling $1 billion worth of produce each year. Then-managing director Jeff Wesley said the takeover would have “significant benefits for New Zealand’s fresh produce industries”, given BayWa’s scale and market access, particularly across Europe.
In late 2024, BayWa announced a cull of its “ailing” agricultural and building materials group in Germany, where it is based, as well as intentions to give up 26 unprofitable locations out of 400 worldwide; one of those included New Zealand’s then-loss making operation.
T&G was at that point recovering from Cyclone Gabrielle, which decimated many apple growing areas around Hawke’s Bay and surrounds. Its performance has since improved to a net profit of $16m last year, from a $9.9m loss the previous year.
Meanwhile, BayWa had gone to court to confirm agreement with its creditors on a credit restructuring roadmap out until 2027, which also hinged on a sale of the international businesses identified.