Booster's Tahi fund makes another investment
Booster expands its portfolio of unlisted investments for KiwiSaver members.
Thursday, August 12th 2021, 6:00AM
Booster’s investment arm Booster Tahi LP acquired a 42% stage in Katikati-based Darling Group.
Darling Group supplies fresh produce to the domestic and international markets. As well as working with growers in New Zealand, Australia, USA, Mexico, Chile and Peru, Darling Group itself is a significant grower of avocados, kiwifruit, blueberries and citrus in New Zealand.
Tahi, has around $100 million currently invested in avocado orchards, wine, financial services and motorsports.
The investment will enable Darling Group to invest further into the development of its supply chain infrastructure and capability and accelerate its New Zealand avocado orchard development plans.
Booster says the growth of its portfolio of unlisted assets, gives its KiwiSaver members "access to a unique set of quality investments that are usually difficult for everyday people to access."
“Booster was attracted to the Darling Group because of their vertical integration strategy and achievements to date. When compared to others in the avocado industry, Darling Group’s model is unique and offers Booster the ability to invest across the produce supply chain. It’s an opportunity to invest in a New Zealand company doing what they do best and help them to grow,” Booster general manager strategic development Duncan Wylie says.
Booster managing director Allan Yeo says the investment reinforces Booster’s commitment to helping New Zealand businesses fulfil their growth potential and keep them Kiwi owned.
“Darling Group is a great fit for Booster. This is the kind of innovative, inventive and growth minded thinking that embodies what we stand for and now our members can invest in this company that’s working really hard to literally grow New Zealand’s produce industry,” Yeo says.
Yeo says although there is $82 billion invested in KiwiSaver very little of that money is invested back into New Zealand businesses.
He says Tahi is currently producing income of between 4 and 5% but the goal is to have double digit returns in the long term. Current returns are being impacted by Covid and the disruption to supply chains as well as a project to integrate its wine businesses which include Sileni Estates, Awatere River Wine Company and Waimea Estates.
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