Paine & Partners, LLC, a global private equity investment firm, and the Costa Group, Australia's leading grower and marketer of fresh produce, announce that Costa has entered into a definitive agreement to acquire Adelaide Mushrooms. Completion is subject to customary conditions. Financial terms of the transaction were not disclosed.
Under the terms of the agreement, Costa will acquire all of Adelaide Mushrooms' assets, including its state-of-the-art Monarto production complex in South Australia, farms at Spreyton and Huon Valley in Tasmania, and Mushroom Centre at the Adelaide Markets. Adelaide Mushrooms' chairman, Douglas Schirripa , will work with Costa's mushroom team in an advisory capacity.
Adelaide Mushrooms services supermarkets and greengrocers, as well as institutions and food service operations across Australia. Its new 360-acre Monarto production complex, which was completed in 2010, includes 30 growing rooms, 26,000 square meters of growing space and 20,000 square meters of composting space. The company has been named the number one South Australian mushroom producer for almost 10 straight years.
