Carr Group confirms Elders Rural purchase
The South Island family-owned Carr Group has confirmed the purchase of Elders Rural Holdings New Zealand for an undisclosed sum from its Australasian owners.
The combined group will have annual revenues of more than $100 million.
The business was previously owned by Elders Australia and New Zealand company Sredle Rural Services. Sredle co-owner Stu Chapman is Elders NZ managing director and will stay on in that role under the new model.
Carr Group managing director Craig Carr has previously said the opportunity to return Elders to Kiwi ownership appealed to the Carr Group.
Given the purchase, Chapman and Carr directors, Greg and Craig Carr, have been travelling New Zealand meeting Elders staff and clients to discuss the bringing together of two agri-businesses, and what that would mean for the rural community into the future.
Carr Group managing director Craig Carr said he was looking forward to joining forces with Chapman to create a robust rural business. "We will continue to look for synergies across the combined group and are working on growth plans."
The Elders business will continue to trade under the Elders brand for the foreseeable future.
Chapman said Elders might one day be rebranded, and in the meantime would benefit from synergies with the Ashburton-based Carr Group, which included in its structure the Canterbury Seed Company, part of the group's Winslow subsidiary. The group exports to more than 40 countries.
Chapman said the Carr Group's seed business would help exports from Elders own seed business, which includes a growing and harvesting component.