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Category: Agribusiness / Takeovers

Top truffle producer makes bid for Manjimup rival

Tuesday, 15 Nov 2016 05:39:15

Hazel Hill is the world's biggest producer of the perigord truffle. (The Wine and Truffle Co)

Australia's largest black truffle producer, Hazel Hill, has made an unsolicited bid for one of its rivals in Manjimup, 300 kilometres south of Perth.

Hazel Hill, also know as The Truffle and Wine Co, is the largest producer of the black perigord truffle in the world and has its main operation based out of Manjimup.

It produced 6,000 kilograms of truffle during the 2015–16 financial year, exporting 95 per cent of that to 40 countries across North America, Asia and Europe.

The company made the cash offer to purchase all of Oak Valley for 44 cents per share, valuing the trufferie at $3,047,432.

Oak Valley is an unlisted public company, which means it can have an unlimited number of shareholders to raise capital but is not listed on any stock exchange.

It is the fourth largest truffle producer in the Manjimup region, harvesting more than 580 kilograms of truffle during the 2016 season for a profit of $489,408.

That was up from 215 kilograms in 2015.

Hazel Hill said it saw the offer to purchase the company as a rationalisation of the truffle industry in Australia.

It said it would allow it to better develop its brand and improve its reliability of supply.

The offer closes on December 22.

Oak Valley has been contacted for comment.

AustraliaPlus


 

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