SUMITOMO Corporation has sold Emerald Grain to entities associated with Sydney-based alternative investment management firm Roc Partners.
The transaction was completed yesterday.
Emerald managing director David Johnson said the company had developed substantially under Sumitomo’s ownership and he looked forward to a new phase for the business with Roc Partners.
“Roc Partners have numerous investments in Australian agriculture and represent an exciting step for Emerald,” Mr Johnson said.
“Sumitomo was involved with Emerald for many years, the past five as parent company, working strongly with Emerald as we restructured the business and refined our strategy – a very important period during which we appreciated Sumitomo’s support and guidance.
“Roc Partners are entering the grain industry in a year when seasonal conditions are highly favourable in all our operating regions, they recognise the strategic nature of Emerald’s assets and are excited by our growth prospects.”
The transaction involves all Emerald’s business activities in grain trading and supply chain management continuing uninterrupted, a crucial point given the 2020 season current grain harvest is well underway in much of the Australian grainbelt.
“Emerald is already receiving grain at our country storages and moving grain to export positions.
“All our activities with growers, customers and our various service suppliers will be continuing as normal through this very busy time.”
Emerald is based in Melbourne, where it has the port’s only bulk grain terminal, and is already into a new-crop barley and wheat export program which currently extends to April.
It also has five grain storages in southern New South Wales, and four in northern Victoria.
Roc Partners was established as an independent alternative investment-management firm following the 2014 buy-out by senior executives of Macquarie Group’s private markets business unit.
It is an Australian company, and has more than 35 staff in total based in its offices in Hong Kong, Melbourne, Shanghai and Sydney.
Its other investments in food and agriculture are Hive+Wellness which includes Capilano Honey, blueberry and vegetable producer Flavorite, and protein production through Stone Axe Wagyu beef, Australia’s Oyster Coast, and broiler-farm operator ProTen Limited.
Source: Emerald Grain, Roc Partners