Ontario Teachers’ Pension Plan and its Australian agriculture subsidiary AustOn Corporation (AustOn) are pleased to announce that they have entered into a strategic partnership with Montague.
As part of this partnership, Pomona Valley, a subsidiary of Ontario Teachers’, will acquire a majority equity interest in Montague, with Scott Montague retaining an ownership stake in the business. Pomona Valley and Montague will merge to form one business with Scott taking on the role of General Manager of the merged operations.
Pomona Valley grows and packs significant volumes of pome and stone fruits in Victoria’s Goulburn Valley. The orchards are the product of 140 years of fruit-growing legacy in the region.
Montague is a vertically integrated grower, packer and marketer of fruit in Australia. With more than 70 years of operations and proud family history, Montague is the category leader across apples, supplying high-quality fresh produce to major supermarkets and wholesalers nationally; and into the export market.
AustOn is the Australian agriculture arm of Ontario Teachers’ and has operated in Australia since 2018. AustOn manages teams across various farms, namely Aroona Farms, which produces almonds in South Australia and Victoria, Jasper Farms, which produces avocados in Western Australia, Pomona Valley, which produces apples and stone fruit in Victoria, and Mitolo Family Farms, which produces potatoes and onions in Australia.
Ontario Teachers’ is committed to the long-term sustainable growth of Pomona Valley and Montague as they embark on the next phase as a merged business.
Scott Montague, Managing Director of Montague, said: “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.”
“The merger of the two businesses will cement the combined operation as a preferred supplier to domestic and international customers well into the future.”
Completion of the transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to occur in first half of 2024.
For more information:
Tim Lee
AustOn
Tel.: 0409 149 643
Email: [email protected]
Dan Madge
Ontario Teachers' Pension Plan
Tel.: +1 416-419-1437
Email: [email protected]