Golden Wing Mau, one of China’s leading produce companies and exporters, has acquired a 20% stake in New Zealand-based fruit and vegetable company, T&G Global for US$72.2 million, reports Fresh Fruit Portal.

Golden Wing paid $2.95 per share for 13.2 million shares from Bartel Holdings and 11.3 million shares from Tiger Ventures NZ, which is owned by private equity firm, Direct Capital. The price per share represents a premium of 18% above the market value of $2.50 per share or total value of $61.3 million.

“We are welcoming Golden Wing Mau as one of the shareholders of T&G Global,” said T&G Global chair Klaus Josef Lutz in a statement. “GWM is a leading fruit distributor in China with nationwide sales channels, a large expertise for fruits from New Zealand and long term trading relationships with New Zealand as well as T&G Global.”

Golden Wing’s acquisition of the T&G stake is scheduled to close on or before September 15 and is subject to Chinese regulations guiding the deal.

T&G also recently announced an expansion project in the U.S. through its subsidiary, EnzaFruit Products Inc. (EPI). The company is launching a six year plan for the expansion of its U.S. apple program that includes the establishment of a Wentachee, Washington-based office that will give the company greater exposure to its key growing regions. Through the new office the company will become the master license manager for North American distribution beginning September 1, 2016 making it the exclusive manager of the export program for the company’s U.S.-sourced fruit through its North American export team office on California, reports Andnowuknow.

“Our North American strategy has been built on the continuing growth and momentum of the apple industry in the USA, with consumers falling in love with the apple and pear category again,” says Darren Drury, Executive General Manager of Pipfruit for T&G Global.

Germany’s BayWa still retains majority ownership of T&G since its buy-in in 2012, holding approximately 73% of the company.

In December 2015, Golden Wing and Joyvio, which is owned by parent company, Legend Holdings, announced a 50/50 joining of equals to form China’s largest fruit company – Joyvio GWM. The merging of the two companies formed a joint entity with sales topping US$773 million, and created a scale that will be better able to improve food safety, expand origination, and enhance supply chain infrastructure.

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Lynda Kiernan