New Zealand’s largest farmland fund, Southern Pastures, is to take full ownership of premium milk and butter brand Lewis Road Creamery (LRC).
Southern Pastures owns and operates 20 farms in the Waikato and Canterbury and bought an initial stake in LRC in 2017 and then built up the shareholding over the last three years. It will now acquire the remaining share of LRC for an undisclosed sum.
LRC was started by Peter Cullinane in 2012 and its dairy products are now stocked in major supermarkets across New Zealand as well as in stores in the United States and Australia.
Cullinane will step down from his roles at the company as part of the deal while General Manager Nicola O’Rourke will continue to manage the day-to-day running of the business.