Pomona Valley, a subsidiary of Ontario Teachers', to acquire majority equity interest as part of deal
Ontario Teachers’ Pension Plan (Ontario Teachers’) and its Australian agriculture subsidiary, AustOn Corporation (AustOn), have announced their partnership with Montague, an Australian fresh produce company.
Under the partnership, Pomona Valley, a subsidiary of Ontario Teachers', is acquiring a majority equity interest in Montague, while Scott Montague maintains an ownership stake in the company. The two entities are merging to form a single business, with Montague assuming the role of general manager.
Pomona Valley is known for cultivating and packing large volumes of pome and stone fruits in Victoria’s Goulburn Valley. Montague, a major player in the Australian fruit market, operates as a vertically integrated grower, packer, and marketer with over 70 years of operations. The company, known for its apples, supplies high-quality fresh produce to national supermarkets and wholesalers, as well as the export market.
“Montague is at the forefront of the fresh produce industry in Australia, and we are excited to partner with Scott and the Montague team to continue providing innovative, sustainable, and quality produce for consumers globally,” says Christopher Metrakos, senior managing director, natural resources at Ontario Teachers’.
Since 2018, AustOn, the Australian agriculture arm of Ontario Teachers', has managed various farms, including Aroona Farms, Jasper Farms, Pomona Valley, and Mitolo Family Farms.
“The partnership with AustOn and the merger with Pomona Valley signals the next exciting stage in the growth of Montague. The financial backing of a global investor in agriculture opens a range of possibilities that both businesses have been keen to explore,” says Montague. “The merger of the two businesses will cement the combined operation as a preferred supplier to domestic and international customers well into the future.”
“Ontario Teachers’ and AustOn have a proven track record in investing in the farming sector both in Australia and worldwide, and we are focused on using this experience to deliver long-term, sustainable growth of Pomona Valley and Montague as a merged business,” Metrakos adds.
The transaction is slated for completion in the first half of 2024.
