Equilibrium, PSP, Temasek invest in Perfection Fresh

Perfection Fresh, a Sydney, Australia-based fresh produce business, has secured an investment from Equilibrium Capital, Temasek and Canada’s Public Sector Pension Investment Board, an existing investor. No financial terms were disclosed. The deal will support Perfection Fresh’s plans to expand into Asia and other global markets.

PRESS RELEASE

Perfection Fresh, one of Australia’s largest privately owned fresh produce businesses, today announced that a leading investment consortium, comprising Equilibrium Capital, Temasek, and existing shareholder the Public Sector Pension Investment Board (PSP Investments), has completed an investment into the company.

The new investment will help the company build on Perfection Fresh’s business model, market leadership, and family business culture, to expand Perfection Fresh into Asia and other international markets. It signals Perfection Fresh’s growth strategy across the breadth of controlled environment agriculture (CEA). Perfection Fresh will be building on its current facilities, including its 43ha high tech glasshouse vine crop facility and 116ha of berry polyhouses, with plans to expand its CEA footprint, both with strategically aligned CEA partner growers and through PFA owned assets in its regions.

Michael Simonetta, CEO Perfection Fresh, said, “I’m thrilled to be partnering with three globally recognised investors in agriculture to take Perfection Fresh into our next phase of growth. My family has enjoyed a positive partnership with the Victor Smorgon Group and James Orloff over the past 15 years. We successfully expanded that partnership four years ago to include PSP Investments, and we now look forward to our next chapter with our new partners joining the Perfection Fresh business.

The addition of our new shareholders provides exciting new opportunities for our key stakeholders including our customers, our plant variety licencing partners, our grower partners, and our staff. “

Perfection Fresh was founded by the Simonetta family in 1978 and is renowned for leading innovation in the Australian agriculture sector. Perfection Fresh’s growth has come from working closely with its customers, strategically aligned growers and plant variety licencing partners around the world. Perfection Fresh has introduced and expanded some of Australia’s most recognised fresh produce brands such as Broccolini® baby broccoli, Calypso® mangoes, Qukes® baby cucumbers, Mix-a-Mato® tomatoes, Perfection Berries, and Ecoganic® bananas. The company owns and operates farms across the country, including high-tech controlled environment glasshouses, berry farms, table grape vineyards, and citrus orchards. Core to PFA’s strategy is its engagement with a network of strategically aligned growers across Australia who grow Perfection Fresh’s exclusive product varieties and other fresh produce.

Michael Simonetta adds, “Our new shareholder partners together with PSP Investments bring extensive global investment experience, and relationships in our markets and in the agricultural technologies which will help accelerate the growth of our company’s business in Australia and beyond.”

The Simonetta family, the Victor Smorgon Group, and James Orloff will retain shareholdings in Perfection Fresh.

Perfection Fresh will continue to be led by Michael Simonetta as Chief Executive Officer, together with the existing highly regarded executive team. Growing and supplying Australia’s best-loved produce brands to Australian customers through partnerships with retailers will continue to form the backbone of the Perfection Fresh business. The plan is to continue the current growth trajectory locally, sourcing proprietary and premium fresh produce from its own farms and growers all over Australia. Perfection will continue to partner with and support local Australian farms, and the communities in which they operate.

Perfection Fresh was advised by Goldman Sachs, Mills Oakley and PWC. The investment consortium was advised by Allens, Clifford Chance, KWM, KPMG, and PWC.

For more information about Perfection Fresh: www.perfection.com.au