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Southern Pastures, the nation’s largest farmland investment fund, bought the Lewis Road Creamery dairy brand for an undisclosed sum.
Photo: Facebook / Lewis Road
At the same time, Lewis Road founder and CEO Peter Cullinane announced that he would be stepping down from the company.
“It has been an incredible journey that started with a simple idea on my kitchen table. To see the brand now mature safely in the hands of investors who are farmers of such integrity and quality is a fantastic conclusion,” he said.
The fund had progressively bought shares in the company since 2017, when it bought an initial 25 percent to help finance the company’s expansion abroad.
Southern Pastures owns and operates 20 farms in Waikato and Canterbury and their milk is used in the production of butter on Lewis Road.
Southern Pastures president and Lewis Road board member Prem Maan said the fund was excited to take on the business.
“Peter has created an incredible brand and we are proud to take responsibility for developing it to produce the best premium dairy products New Zealand has to offer.”
Maan also confirmed that the fund assumed full ownership of NZ Grass Fed Milk Products LP, previously a joint venture with Westland Milk Products.
“We are convinced that agriculture can be a powerful tool for the good of the environment as well as providing economic benefits.
“We have a long-term vision to produce carbon neutral dairy in New Zealand and we see Lewis Road Creamery as part of that journey from grass to glass.”
Lewis Road Creamery was founded in 2012.
