By Anthony Macdonald
Australia’s largest producer of fruit and vegetables, the Costa Group, hopes to be able to supply its produce year round after agreeing to sell half of itself to US private equity firm Paine & Partners.
The Costa family, led by chairman and former Geelong Football Club president Frank Costa, will invest most of the sale proceeds in the business to help accelerate its growth.
The plans involve new growing and holding facilities to extend its growing season across its seven products. Costa Group is also looking at increasing its presence overseas.
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