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).
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Aussie Rich List – where are the Kiwis?
- NZ dollar falls with Aussie as Moody's China downgrade mulled, commodities weaken
- MARKET CLOSE: NZ shares rise, led by F&P Healthcare, Sky TV; Ebos falls
- Top lawyer on gardening leave after 22 years at Russell McVeagh
- Watson’s Bendon finalises takeover of Naked
Most listened to
- It’s "odd" StuffMe applicants are "so sensitive about anonymous submissions," says competition lawyer Andy Glenie
- Andrew Little, James Shaw, Steven Joyce and Bill English all weigh in on how good the budget was for Kiwi businesses
- Rob Hosking does not think it's good enough the Budget has left out reduced taxation on savings
- Lawyers are playing musical chairs in this week's Briefcase with John Bowie
- NBR Radio: best of the week ended May 26, with Grant Walker