Wednesday, December 6, 2023

Ngāi Tahu takes stake in miniature apple company

Avatar photo
Ngāi Tahu Holdings has taken a 6% stake in Rockit Global, lifting its combined stake to 15% of the miniature apple company following a successful capital raise.
Reading Time: < 1 minute

Pioneer Capital remains the largest stakeholder in Rockit Global, holding around 40%.

Rockit chair John Loughlin says the investment was completed by Ngāi Tahu Holdings in late February, and that all parties are extremely pleased with the outcome.

“Ngāi Tahu Holdings expressed an interest in Rockit early on in the process, recognising there was alignment with its strategic goals,” Loughlin said.

He says there was great strategic value in the relationship. Ngāi Tahu Holdings has ambitious plans, and he envisages an exciting future with its support.

Ngāi Tahu Holdings chief executive Mike Pohio says this is an investment to be celebrated. 

“This opportunity will benefit both sides by providing Rockit with more capacity for future orchard developments, as well as further diversifying and increasing the growth profile of our portfolio,” Pohio said.

The capital-raising process began in late 2020 and began with offers to growers and existing investors. 

Both offers were oversubscribed and foundation investor Punchbowl Investments, along with its PB Rock group of investors seized the opportunity to build on its investment and cement its position in Rockit Global.

“The Punchbowl group is pleased to be taking one of the lead roles in the capital raising,” Punchbowl’s executive chair Rob Craig said. 

“We have supported Rockit at every turn and we are pleased to see the business taking another step forward. Rockit is an exciting opportunity and is proving to be a very strong player in the global premium apple sector.”

People are also reading