Ontario Teachers’ Pension Plan has announced the acquisition of Jasper Farms, a leading Western Australian avocado producer.
The transaction complements Ontario Teachers’ existing presence in Australia’s agricultural market, where demand for avocados has surged as more consumers embrace the fruit as a healthy food.
“Avocados are difficult to substitute and their unique flavor and nutrient profile have helped them benefit from the growing demand for health foods in Australia and internationally,” said Andrew Claerhout, Senior Managing Director, Infrastructure and Natural Resources. “The acquisition of Jasper Farms underscores Ontario Teachers’ mandate to seek long-term investments in well-managed, producing agriculture properties to meet the growing global demand for food.”
Based near Busselton in Western Australia, Jasper Farms is the country’s second-largest avocado producer and is on track for further production growth. The farm, which produces during the country’s spring and summer months from August to February, boasts one of Australia’s highest-yielding avocado orchards.
“We are very pleased that Ontario Teachers’, a long-term investor with solid asset stewardship and a good cultural fit for the business, has chosen to expand its Australian agribusiness investments through the purchase of Jasper Farms,” partners Neil and Ian Delroy said. “Through a focused approach to excellence, technology, proven systems and leading research and development, over the past 13 years our team has built a world class avocado business that we are exceptionally proud of.”