Cedenco Foods sold to Japanese company
The receivers of Cedenco Foods have signed an agreement to sell the company to Japanese food and trading group Imanaka.
Michael Stiassny and Brendon Gibson of KordaMentha were appointed as receivers to Cedenco Foods in November last year following concerns over governance and ownership issues.
Cedenco’s products include fruit and vegetable powders, purees, pastes, retorted and frozen vegetables.
The business will be sold as a going concern.
The receivers said they were “delighted” to tell employees, the large seasonal workforce, customers, growers and suppliers that the prospective buyer plans to continue operating Cedenco Foods in Gisborne and Hawke’s Bay.
Mr Gibson said the business had been run successfully since it went into receivership thanks to seasonal funding from ANZ National and support from employees, suppliers and customers, which meant it was “business as usual” for all parties.
“The timing of the sale will provide further certainty to all parties as we head into the next growing season,” he said.
Imanaka has been closely associated with Cedenco Foods for more than 15 years and has existing food businesses in Australia, Singapore, Thailand, China and Japan.
The receivers were advised on the sale by Goldman Sachs JBWere (NZ).