Ontario Teachers’ acquires one of the largest private apple orchard operations in the US in $288m deal
Global AgInvesting | 21 February 2019

Ontario Teachers’ acquires one of the largest private apple orchard operations in the US in $288m deal
 
The Ontario Teachers’ Pension Plan has acquired Broetje Orchards, one of the largest privately-owned apple orchard operations in the U.S. Although the purchase price has not been disclosed, public records with the Washington Department of Revenue indicate that the real estate portion of the sale was valued at $288 million.
 
Founded 35 years ago by Ralph and Cheryl Broetje, Broetje Orchards has grown into one of the largest vertically integrated apple companies in the country, growing more than 15 varieties of apples (including its proprietary Opal apple) and cherries. Located near Prescott, Broetje spans more than 6,000 acres, and employs more than 2,800 employees at peak season to pack and ship nearly 7 million boxes of apples per year.
 
“Broetje Orchards is a strong strategic fit for our natural resources portfolio, providing a large-scale asset with direct exposure to a staple component of the food basket,” said Pav Jordan, senior manager, OTPP.
 
Based out of Toronto, and managing pensions for approximately 323,000 active and retired teachers in Ontario, Canada, OTTP has C$194 billion under management, which includes investments in farmland and food production.
 
Agricultural investments previously made by the pension fund include:
 
 
As the newest addition to the Ontario Teachers’ portfolio, former Broetje Orchards executive Jim Hazen has been appointed president and chief executive moving forward.
 
“The success of the company over the years has been due in large part to the dedication of our employees,” he said. “Our future success also depends on them. We are working to avoid disrupting any services or programs for our employees or our customers.”
 
-Lynda Kiernan 
URL to Article: https://farmlandgrab.org/post/view/28768

Source: GAI 
http://www.globalaginvesting.com/ontario-teachers-acquires-one-largest-private-apple-orchard-operations-u-s-288m-deal/