Avocado growers sitting pretty after Jasper Farms sale

One of WA’s biggest private business sales of the year was completed quietly with little fanfare in the shadow of Christmas.

Brothers Neil and Ian Delroy are not saying what they pocketed for their Busselton avocado operation Jasper Farms but, given the deal is said to have valued the business at near $180 million, they are sitting pretty. The buyer was Canadian super fund Ontario Teachers’ Pension Plan and the transaction is seemingly yet another example of overseas buyers seeing more value in Australian agricultural assets than local investors.

With about 360ha of trees, Jasper Farms is Australia’s second-biggest avocado producer.

Ontario Teachers said the acquisition “underscores Ontario Teachers’ mandate to seek investments in well-managed, producing agriculture properties to meet growing global demand for food”.

“Avocados are difficult to substitute and their unique flavour and nutrient profile have helped them benefit from the growing demand for health foods in Australia and internationally,” it said.