T&G Global has confirmed it is reviewing its future direction after receiving multiple unsolicited expressions of interest.
The NZX-listed exporter is considering potential changes to its business structure, including a possible sale or division reshuffle. The process follows recent developments involving parent company BayWa AG.
Reviewing Ownership Structure Amid BayWa’s Global Shift
T&G Global, which is approximately 74% owned by German agriculture and infrastructure group BayWa AG, is reviewing its business structure and direction. The review follows BayWa’s December 2024 announcement to reduce international investments as part of a company-wide transformation.
“Following BayWa AG’s December 2024 announcement that it is reducing its international investments as part of its business-wide transformation programme, T&G Global has received a large number of expressions of interest in its business,” the company said in a statement to the NZX.
Market Speculation Points to Breakup or Acquisition Scenarios
Interest in T&G Global has intensified in 2025, with The Australian Financial Review reporting that two major players—ROC Partners and Macquarie Asset Management—have considered calculated moves involving the company.
The AFR speculated that ROC Partners, which holds extensive trans-Tasman agricultural assets, may be exploring a potential breakup of T&G’s operations. Meanwhile, Macquarie Asset Management, which owns a majority stake in Fresh Produce Group, is reported to see T&G as a potential bolt-on acquisition.
T&G has acknowledged the reporting, stating: “T&G Global is aware of speculation in the AFR.”
BayWa Yet to Confirm Any Ownership Decision
T&G Global has stated that no decision has been made by its majority shareholder regarding ownership changes.
“At this time, T&G Global is not aware whether BayWa has made a decision about its shareholding in T&G Global,” the company said. While BayWa’s global repositioning has raised questions about T&G’s future structure, the New Zealand-based exporter continues to assess its options carefully.
Initiating Early-Stage Review with Adviser Support
T&G Global has begun an initial review process that includes providing business data to external parties. Craigs Investment Partners is acting as the company’s financial adviser during the evaluation.
T&G stated it is “sharing initial business information to determine whether, at some stage in the future, it might be appropriate to explore any form of sales process for any of its divisions.”
Maintaining Focus on Core Apple Division
The brand has a market capitalisation of approximately NZ$220 million, and its shares last traded at $1.79. The majority of its revenue is generated through its apple division, positioning it as a key player in New Zealand’s horticulture export sector.
T&G Global is proceeding with an internal assessment of its assets and business units. No deals have been finalised, but the process may lead to division-level changes aligned with BayWa’s global direction.