The official sale price of Michael Guthrie’s 75% share of Mainland Poultry to overseas investors may be smaller than first thought but it still gave him a hefty windfall.
Overseas Investment Office figures show Navis Equity bought about three-quarters of the country’s largest egg-laying business for $285 million in 2017. This was lower than the $350 million reported at the time. However, the purchase price still gave the Dunedin businessman an injection of $200 million.
It is unclear where Guthrie has reinvested his money but he and co-investors such as fellow Dunedinite Murray Valentine retain a variety of property, tourism and agribusiness ventures as well as minor shareholdings in Mainland Poultry, now called Grabline.
As managing director of Mainland Poultry since 1996, Guthrie is ultimately responsible for both the business’ egg production through Zeagold Foods, and feed production through MainFeeds and also serves as the chair of the Egg Producers Federation.
2018: $300 million