17 Apr 2014

Big price tag for large apple business

5:57 am on 17 April 2014

Turners & Growers says it could pay up to $51.2 million to buy Apollo Apples.

Apollo Apples is an integrated business, based in Hawke's Bay, which grew, packed, and exported about 1.4 million cartons of apples in 2013.

Apollo owns or leases more than 500 planted hectares of apple orchards and owns and operates a large packhouse and coolstore in Whakatu.

All Apollo's employees, including founders Bruce and Ross Beaton, will be employed by Turners & Growers.

Apollo's operating profit in the 2013 calendar year was $6.3 million on sales of $50 million.

Turners & Growers chief executive Alastair Hulbert says the purchase marks a major milestone for his company.