Steinhardt family sells Macadamias Australia to Canada’s PSP Investments via Stahmann Webster
A Queensland family has sold the majority of their macadamia enterprise to a Canadian superannuation giant in a major deal.
One of Australia’s largest family-owned macadamia enterprises, Macadamias Australia, has sold the majority of its business in a nine-figure deal to a giant Canadian investor.
Canadian superannuation fund, PSP Investments, Australia’s largest farmland investors, have purchased the majority of the farming and processing operations of Macadamias Australia, located near Bundaberg, Queensland, from the Steinhardt family.
While details of the deal remain confidential, it is understood PSP Investments operating partner Stahmann Webster has acquired the property for a reported $100 million-plus.
PSP and Stahmann Webster did not comment on the transaction.
It is understood under the terms of the transaction, Stahmann Webster will acquire about 1000ha of farms and Macadamias Australia’s state-of-the-art cracking, processing and packaging facility at Bundaberg, capable of processing up to 10,000 tonnes of nuts a year.
Since 1957, the Steinhardt family has been growing crops including pumpkin, tomatoes and zucchinis near Bundaberg.
In 2002 they were one of the first to move into macadamias, establishing Macadamias Australia and spending the next three years planting 128,000 macadamia trees.
Despite the sale, it is expected the Steinhardt family will remain involved in the industry after retaining ownership of a number of business units within the group.
It is understood as part of the deal Trevor Steinhardt will own and operate the Happy Nut (cut nut) business.
Kevin Steinhardt will remain in the business as a consultant to the farming operations as well as continue to own his own macadamia orchards.
Janelle Gerry (nee Steinhardt) will also remain as a consultant and with her husband, Andrew Gerry, will own and operate the value-adding facility, associated tourism business and cafe, and Farmfresh Fine Foods vegetable processing facility.
It is also understood all Macadamias Australia employees will be offered roles in the combined business or the operations to be retained by the Steinhardt family and all contracts with growers are intended to roll over as part of the transition.
Prior to the acquisition of Macadamias Australia, Stahmann Webster already owned extensive macadamia orchards near Bundaberg and nearby processing facilities after its $854 million deal for ASX-listed Webster Limited in 2019.
From this takeover Stahmann Farms was created, which has its main macadamia aggregation at Elliott River, 15km south of Bundaberg.
This sits alongside its macadamia orchard development site on the Kolan River at Bucca, about 30km west of Bundaberg, where up to 300,000 trees are planned to be planted.
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