Australian 
grower, packer and marketer of fresh fruits and vegetables Costa Group Holdings Limited advises that it has entered into binding agreements (subject to the satisfaction of customary conditions) with a group of companies (Pressler entities) to acquire the business and assets of 2PH Farms Pty Ltd and its related entities (“2PH”), a Central Queensland based citrus grower for an upfront consideration of approximately $200 million in cash.
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Costa will pay an additional $31 million in July 2023 for the purchase of the ‘Conaghans’ property, where a new citrus crop is currently being planted by 2PH, subject to certain conditions. An investor presentation webcast will be hosted by Costa commencing at 10:30am AEST today (23 June).
Craig Pressler, owner of 2PH farms, said “2PH has a long and successful history, having been started by my parents John and Pam Pressler, uncle Geoffrey Pressler and Darryl Hess some 51 years ago. We have invested a lot of hard work and effort into becoming the successful business we are today, which is an industry leader, with an established reputation as a breeder and grower of high-quality citrus
and an iconic brand both domestically and internationally. 2PH has had a close relationship with Costa for over a decade through our successful domestic marketing alliance with Bindi Pressler having
performed the role of 2PH Marketing Manager, of both the citrus and grape crops. I know and trust Costa, and I am happy that the business will be owned and run by an Australian company which is not
only an industry leader, but also has a genuine commitment to continuing to build on 2PH’s reputation for the growing and export of high-quality citrus”.
Costa has an established relationship with 2PH, having successfully marketed 2PH citrus for over 10 years in the Australian domestic market and both the domestic and export markets this calendar
year 2021. The total upfront funding requirement is approximately $219 million (including stamp duty and transaction costs) and is to be funded with the proceeds of a fully underwritten pro rata accelerated
renounceable entitlement offer (“PAITREO”) with retail rights trading to raise $190 million and existing debt facilities.
Costa Group Holdings Limited