Ngāi Tahu Holdings takes stake in Rockit Global Limited
Ngāi Tahu Holdings has taken a 6 per cent stake of Hawke's Bay miniature apple specialist and exporter Rockit Global Limited in a recent capital raise of undisclosed value.
Ngāi Tahu Holdings chief executive Mike Pohio said this opportunity will benefit both sides by providing Rockit with more capacity for future orchard developments, as well as further diversifying and increasing the growth profile of their portfolio.
"This is an investment to be celebrated [and] is consistent with our overall strategy and is a wonderful opportunity to work alongside a fast-growing, innovative New Zealand company with a strong team."
Rockit chairman John Loughlin says an investment was completed by Ngāi Tahu Holdings last week, and that all parties are extremely pleased with the outcome.
“Ngāi Tahu Holdings expressed an interest in Rockit early on in the process, recognising there was alignment with its strategic goals. We also see great strategic value in this relationship – value that stretches far beyond the benefit of the significant investment Ngāi Tahu Holdings has made in our business. Ngāi Tahu Holdings has ambitious plans, and we envisage an exciting future with its support.”
The capital-raising process began in late 2020 and took place over three stages, beginning with offers to growers and existing investors. Both offers were oversubscribed, a testament to the confident strides Rockit has made developing key offshore markets, appointing top talent and establishing world-leading technical innovation.
Punchbowl Investments-led group, PB Rock, has lifted their combined Punchbowl and PB Rock stake to 15 per cent. Pioneer Capital remains the largest stakeholder in Rockit Global Limited, holding around 40 per cent.
Foundation investor Punchbowl Investments Ltd, along with its PB Rock group of investors – leading investors in the kiwifruit sector – seized the opportunity to build on its investment and cement its position in Rockit Global.
Punchbowl’s executive chairman, Rob Craig said the Punchbowl group is pleased to be taking one of the lead roles in capital raising.
"We have supported Rockit at every turn and we are pleased to see the business taking another step forward. Rockit is an exciting opportunity and is proving to be a very strong player in the global premium apple sector.”
Loughlin says Rockit has indeed been on a sharp global growth trajectory and that the capital-raise enables several high-profile projects to surge forward. “Our business is expanding rapidly, and with growth comes the requirement for capital,” Loughlin said.
“Our state-of-the-art packhouse and headquarters located in Irongate, Hastings is nearing completion, and its second phase will take a large portion of this funding. We’ll also look to establish our own orchards – which diversifies our business – and support strategic global sales and marketing activity. As well as these investments in physical assets, we are also investing heavily in our brand and people capability.
“We see the investments made by Ngāi Tahu Holdings and PB Rock, coupled with the support from our existing investors and grower investors, as hugely impactful,” concludes Loughlin, “and we’re excited to have them on board.”