9 Apr 2014

Seeka buys fruit delivery company

1:06 pm on 9 April 2014

Seeka Kiwifruit Industries has bought Glassfields, a business which provides fruit ripening and delivery services to key retailers as well as wholesale services to independent operators.

Seeka did not say how much it is paying for Glassfields, but expects it will contribute between $750,000 - $1.25 million in operating profit in the 2015 financial year, not counting growth plans Seeka is considering.

It says the price is about five times normalised operating earnings.

Glassfields has operations in Auckland and is opening in Christchurch.

It has exclusive New Zealand rights to import and distribute Sumifru bananas, pineapples and papayas from the Philippines and provides banana ripening services.