Lewis Road Creamery bought by agricultural fund
Agricultural fund Southern Pastures has completed its takeover of Lewis Road Creamery, which aims to grow the New Zealand-based company’s export plans.
The creamery’s products include butter, milk, cream and ice cream.
Under the new arrangement Lewis Road Creamery will be able to source diary from Southern Pastures, which will bring greater transparency to its supply chain, according to Stuff.
Founders Peter Cullinane and Andrew Railton will step away from the business after the buyout, which has been underway for three years.
“To now see the brand mature safely in the hands of investors who are farmers of such integrity and quality is a fantastic conclusion,” Cullinane said.
Southern Pastures’ executive chairman Prem Maan said the acquisition was a part of a play to create carbon-neutral dairy in New Zealand, having introduced recently completed a trial of using insects to help sequester CO2 in deep soil.
“We’re convinced that farming can be a powerful tool for environmental good in addition to providing economic returns,” Maan said.
“Sustainability has always been our mission. It’s good for the environment but also for long-term productivity.”