Kiwi food group Walter & Wild has acquired ice cream company Emerald Foods Group from overseas owners.
The value of the deal has not been disclosed, but the acquisition brings the ice cream company back to Kiwi ownership after being sold to a Hong Kong-based group in 2015.
Established in 1985, Emerald Foods is behind major ice cream brands including New Zealand Natural, Killinchy Gold, Zilch and Chateau. The company also owns the licence to operate Swiss ice cream brand Movenpick in New Zealand.
“This is a major acquisition for our business and an avenue into an attractive growth sector of the fast-moving consumer goods, foodservice and retail markets,” said Harry Hart, owner and CEO of Walter & Wild.
The Emerald Foods brands will join Walter & Wild’s existing portfolio, which includes cereal maker Hubbard’s, sauce brand Gregg’s, bakers Aunt Betty’s and I Love, cordials and soups company Hansells, and Alfa One, an oils brand.
“It’s a good news story, bringing a New Zealand-founded business with well-loved brands back into New Zealand ownership,” Hart said.
Walter & Wild is majority owned by billionaire New Zealand businessman Graeme Hart and his son Harry.