14 Apr 2021

Graeme Hart's food group buys Emerald Foods Group

2:48 pm on 14 April 2021

A food group backed by the country's richest man has bought a premium icecream producer.

13149285 - chocolate ice cream scoop

Photo: 123RF

Walter & Wild, owned by Graeme Hart and his son Harry Hart, has acquired Emerald Foods Group for an undisclosed amount.

Emerald has well known ice-cream brands New Zealand Natural, Killinchy Gold, Zilch and Chateau, as well as the licence to operate the Movenpick brand in this country.

Walter & Wild's consumer brands include Hubbard's, Gregg's, Aunt Betty's, I Love, Hansells and Alfa One.

Company founder Harry Hart said the acquisition was significant for the business, and would return Emerald Foods to local ownership after it was sold to Hong Kong interests in 2015.

"This is a major acquisition for our business and an avenue into an attractive growth sector of the FMCG (fast moving consumer goods), foodservice and retail markets."

Research company Coriolis estimated in 2018 that Emerald Foods had revenue of between $60-80 million a year.