FRESH produce company Nutrano has bought citrus and grape producer Nangiloc Colignan Farms – its second takeover of a major Sunraysia business since its foundation in late 2015.
Nutrano today announced it had bought the business, which grows citrus, wine grapes and table grapes on 700 hectares, on undisclosed terms.
The announcement came after Sunraysia Daily revealed a wholly-owned subsidiary of a Hong Kong-listed company, CK Life Sciences International Holdings, had bought Nangiloc Colignan Farms’ associated land and water rights for $46 million.
Nangiloc Colignan Farms founder Bruno Moras and existing staff will remain at the business to work with local Nutrano management after the sale.
“We are excited by this opportunity, and we look forward to working with Nutrano to ensure all of NCF’s customers and suppliers have a successful 2018 harvest period and that the NCF operations have a smooth transition to Nutrano over the coming few months,” Mr Moras said.
Nangiloc Colignan Farms was the first Australian producer to export table grapes to mainland China, in May 2011.
Nutrano managing director and chief executive Steven Chaur said the Nangiloc Colignan Farms purchase would make Nutrano the country’s largest grower of seedless Afourer mandarins, which are increasingly sought after in Asia.
Mr Chaur said the addition of table grapes to Nutrano’s offering would also give the company an extra income stream during the off-peak citrus harvest period.
The deal is Nutrano’s second involving a major Sunraysia producer.
In late 2016, it bought Red Cliffs-based citrus company Seven Fields, together with Queensland producers Abbotsleigh, in a $90 million deal.
Nutrano joined with an Asian funding partner, which bought most of the underlying properties associated with Seven Fields and Abbotsleigh.
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