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Buderim Ginger deal is done, now for macadamias

Business

Buderim Ginger has completed the sale of its ginger and tourism assets and said its chief executive Andrew Bond will transfer over to new owners, Buderim Foods.

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The company will also seek shareholder approval for a change of name to Health and Plant Protein Group as it seeks to build its macadamia business after selling the ginger and tourism assets to the Himstedt family earlier this year for $13 million.

Dennis Lin will take control of the new company as executive director.

“As owner of the largest macadamia orchard in Hawaii with a distribution footprint across 52,000 retail outlets in the USA, HPP Group has the vertically integrated expertise and capacity to promote the health benefits of macadamia consumption on the highest and best-use basis.”

The company was able to use the sale proceeds to repay $5 million to its convertible noteholder, Asia Mark Development. The remainder will be used as working capital.

It said it saw sustainable consumer demand for its products and this was reflected by increased volume from existing accounts and customers.

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