New Zealand-based company Turners & Growers (NZX: TUR) has acquired the remaining 30% shares in subsidiary Delica Limited, which was one of the star performers in the company's 2012 financial results.

With 68 staff in offices in New Zealand, the Americas, Australia and recently South Africa, Delica's group turnover was just under NZ$200 million US$159 million) in 2012.

T&G, now German-owned under multinational company BayWa, first bought into Delica Limited in 2007, which now has a 100% stake Delica New Zealand and Delica South America.

Delica also owns 85% of its Australian subsidiary and 75% of its North American group. Remaining shares in these companies belong to key staff.

"This is an exciting milestone on the Delica journey. Our business has grown rapidly since Turners & Growers invested in Delica in 2007," Delica Global general manager Darren Drury said in a release.

"We believe Turners & Growers / BayWa’s financial strength and long-term commitment to the produce industry, combined with Delica’s unique blend of quality staff and market expertise, will ensure this growth will continue under the new ownership structure."

T&G chairman and BayWa chief executive officer Josef Lutz said the acquisition gave his business an opportunity to grow trade to and within Asia.

"This will improve operating cashflow to the benefit of Turners & Growers Limited and, ultimately, its shareholders," Lutz said.

Photo: Delica

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