Paine & Partners Completes Strategic Investment in the Costa Group, Australia's Top Fresh Produce Company

NEW YORK, CHICAGO, SAN FRANCISCO and VICTORIA, Australia, Oct. 7, 2011 /PRNewswire/ -- Paine & Partners, LLC ("Paine & Partners"), a global private equity investment firm, and the Costa Group of companies ("Costa" or the "Company"), today announced that Paine & Partners successfully completed its strategic investment in Costa.  As part of the investment, which was originally announced in July, entities affiliated with Paine & Partners and Costa formed a newly structured private company on a 50/50 owned basis.  Financial terms of the investment were not disclosed.

Frank Costa, Chairman of Costa, said, "Selection of a suitable equity partner was a critical consideration and because Paine & Partners specializes in the food and agriculture sector, it not only has an intimate knowledge of agricultural business cycles, but also exhibits similar values to the Costa Group."

Harry Debney, Chief Executive of Costa, said, "The support of Paine & Partners provides us the financial resources and global industry network and experience to build on our core businesses and further invest in innovative horticultural techniques, proprietary new varieties, and best-in-class facilities, while pursuing new market opportunities.  I am confident that this partnership positions Costa for continued success."

Kevin Schwartz, a founding Partner at Paine & Partners, said, "Costa is well positioned as the leading integrated supplier of fresh produce in Australia.  We look forward to working with Costa and utilizing our financial and operational resources as well as our expertise in the food and agribusiness industry to support the Company's long-term business plans and to facilitate its continued growth."  

About The Costa Group

The Costa Group is Australia's largest private producer, marketer and exporter of high-quality fresh fruit and vegetables.  Based in Victoria, with production, trading and logistical operations throughout Australia and internationally, Costa is a full-service grower, packer, shipper, marketer, importer and exporter.  Investing significantly in farming, varietal research, purpose built 'value-adding' facilities, state of the art distribution operations, tier-one management systems and advanced warehouse technology, Costa has assisted in bringing world's best practice and horticultural innovation to Australia.

About Paine & Partners, LLC

Paine & Partners provides equity capital for management buyouts, going private transactions, and company expansion and growth programs.  Paine & Partners engages exclusively in friendly transactions developed in cooperation with a company's management, board of directors, and shareholders.  The firm currently makes investments through its $1.2 billion fund, Paine & Partners Capital Fund III, L. P. For further information, see www.painepartners.com.

Paine & Partners focuses on the food and agribusiness industry globally, and, together with its predecessors, has made successful strategic investments in Seminis, the world's leading global developer, producer and marketer of vegetable and fruit seeds, Advanta Netherlands Holdings BV, at the time, the largest independent agronomic seed company in the world, and Icicle Seafoods, a leading producer, harvester and processer of salmon, pollock, halibut, cod, crab and other seafood products with operations in North and South America and sales globally.  The complex investment opportunities in today's rapidly evolving agribusiness environment play to the strengths of Paine & Partners' differentiated approach.  

Contacts:

For Paine & Partners:
Andy Brimmer / Aaron Palash / Bryan Darrow
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SOURCE Paine & Partners, LLC

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