Thursday, March 28, 2024

Rimanui pays $40m for Pinny Farms

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Northland’s Pinny Farms group has reportedly been sold to Rimanui Farms, a farming company owned by the Spencer family, for close to $40 million.
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Rimanui has again stepped in where Shanghai Pengxin was unable to finalise the deal, as it did recently with the purchase of Lochinver Station.

The Pinny Farms group consists of seven dairy farms and three support farms south of Kaikohe, milking 3900 cows.

The group assets totalling 3300 hectares were put together by Merv and Cara Pinny over the past 20 years and employ more than 50 people.

They produce over 1.2 million kg of milksolids or 15 million litres annually.

It is the biggest milk supplier in Northland to Fonterra and had been mentioned as a cornerstone supplier to a possible milk processing factory near Kerikeri being proposed by former Far North District Council mayor and businessman Wayne Brown and Chinese investors.

The Pinny farms were marketed from late 2014 by Bayleys and conditionally sold last May to Dakang NZ Farm Group, majority owned by the listed Shanghai Pengxin company, already the owner of 16 North Island farms (the ex-Crafar farms) and 13 South Island dairy farms, formerly Synlait Farms and now under the name Purata.

At that time Shanghai Pengxin had also agreed to buy Lochinver, on the Central Plateau, from the Stevenson Group, for $88m.

Although approved by the Overseas Investment Office (OIO), the proposal was rejected by government ministers who said the benefits to NZ were not substantial and identifiable.

Dakang then withdrew from the Pinny purchase in Northland, citing delays and uncertainties in the OIO approval process.

Rimanui Farms is based in Auckland and already had several sheep and beef farms before purchasing Lochinver Station and the Pinney dairying group.

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