Sale to Hart company Walter & Wild ends two week receivership.
After a brief tenure, David Ruscoe and Malcolm Moore of Grant Thornton have resigned as receivers of Emerald Foods Group shares just two weeks after their appointment.
Emerald Foods Group (NZ), an ice cream company whose brands include New Zealand Natural and Killinchy Gold was sold to NBR Rich Lister Graeme and Harry Hart’s Walter & Wild food group this week, with the transfer recorded by the Companies Office on April 14, the day after receivers resigned.
The transaction followed the appointment of receivers on March 29.
According to the final receivers’ report, the receivership was triggered by British Virgin Islands
$120m BVI debt triggers Emerald Foods sale nbr.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbr.co.nz Daily Mail and Mail on Sunday newspapers.
Emerald Foods acquired by Graeme and Harry Hart s FMCG brand Walter & Wild
14 Apr, 2021 05:33 AM
2 minutes to read
Inside the Movenpick store in Auckland s Takapuna. Photo / Google Images
Hart family food business Walter & Wild has bought Emerald Foods Group for an undisclosed amount.
The business, jointly owned by rich listers Graeme and Harry Hart, will bring premium ice cream brands New Zealand Natural, Killinchy Gold, Zilch and Chateau, along with the licence to operate the Movenpick brand in New Zealand, into the fold alongside Walter & Wild s portfolio of supermarket brands Hubbard s, Gregg s, Aunt Betty s, I Love Food, Hansells and Alfa One.
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.