Duxton Farms is looking to add walnuts to its production portfolio which already includes pistachios. Photo: Duxton Farms

DUXTON Farms last week announced plans to invest in Australian production of apples, dried fruit, bees, and walnuts.

This will add to the listed company’s assets, which cover around 177,000ha in total of Northern Territory, New South Wales, and Victorian agricultural land.

In a statement delivered to the ASX, Duxton Farms said the merger with the four companies is expected to roughly double the company’s asset value to $298 million.

Duxton Farms’ current assets comprise 8959ha of mixed-farming country plus water entitlements in New South Wales, the 1185ha Piambie cropping and tree-nut operation in Victoria, and the 26,077ha Wildman asset in the Northern Territory.

Also in the NT is the leased Mountain Valley Station, a 141,000ha cattle operation.

“Over the past three years Duxton Farms has been pursuing a strategy to broaden and expand the company’s exposure to the Australian agricultural sector,” Duxton Farms director Mark Harvey said in a statement.

“The walnut, dried fruit, apiary and apples businesses being brought into Duxton Farms are expected to significantly derisk the company’s geographic and commodity exposure while expanding and diversifying its earnings profile.”

“The Board will continue to consider opportunities to cycle out of lower yielding assets into high-growth opportunities in order to further derisk the portfolio and create sustainable long-term value for all our stakeholders,
be that through further dividends or capital growth.”

The merger is to be effected by Duxton Farms acquiring all the shares in the merger companies which are not already owned by Duxton Farms via separate schemes of arrangement and share-purchase agreements.

Following is a summary of the new companies, with value referring to pro forma gross assets as at 31 December 2024:

Duxton Bees

Australian honey producer, pollination services provider, and hive broker with assets of $27.3M.

It has been built from the ground up to establish a consolidated corporate presence in a fragmented industry that underpins the Australian agricultural economy, and is positioned to respond to the Varroa mite threat.

It operates more than 8000 hives following the acquisition of around 5000 hives through three acquisitions in 2024-25.

Its total honey production is expected to increase to around 650 tonnes in FY26.

Duxton Dried Fruits

The company is one of Australia’s largest dried fruits growers with 603ha planted across two sites in NSW and Victoria with a yield of around 6.1t/ha in 2025;

It has been established as a greenfield development with full production targeted by FY2034 and estimated peak yield at maturity of 9t/ha;

The properties account for around 18pc of national production in 2024, with assets of $69.2M;

Duxton Orchards

Duxton Orchards is South Australia’s second-largest apple producer, with more than 20pc of the state’s production from 204ha across two sites in the 2023-24 season;

It leases a dedicated temperature-controlled storage facility, allowing for year-round sales into supermarkets, and its assets are valued at $22.4M.

Duxton Walnuts

This early-stage greenfield walnut business has 145ha of walnut trees planted at one site in NSW, and 467ha of remaining capacity.

Area is being converted from dairying country, and the farm includes secure water.

The business presents an opportunity to establish an institutional-grade walnut operation sharing synergies with the Duxton Farms’ Piambie pistachio development in Vic.

Value is seen at $30.5M.

Source: Duxton Farms