Seeka Limited has announced the amalgamation of Seeka business with Opotiki Packing and Cool Storage Ltd (OPAC). The transaction was successfully completed on 3 May 2021. More on this story can we found here.
In 2015, Quayside invested into OPAC taking a 10.1% stake in the company. Quayside’s capital investment allowed OPAC to upgrade existing equipment and leverage the business for expansion, resulting in the OPAC facility doubling its capacity within three years to support the Eastern Bay of Plenty’s growing kiwifruit industry. From growing, to harvesting, to packing, to storage, OPAC’s expansion is a regional success, having increased employment since 2015 by 50%, becoming both an engaged community partner as well as the largest employer in the Opotiki region.
Our involvement in OPAC was the genesis for Quayside’s $30M kiwifruit orchard partnership with Te Tumu Paeroa, creating Huakiwi in 2017 on over 90 hectares of Maori-owned land in the Bay. More on this story can be found here.
With the conclusion of the sale of OPAC to Seeka, Quayside takes great pride in knowing that OPAC will continue as a strong and vibrant regional business, with significant local employment, well-respected staff and strong community engagement. Quayside’s Chief Investment Officer, Brendon Barnes comments that “the OPAC transaction highlights the value that Quayside can bring as a commercial investor, providing a positive financial return for our shareholder and the region’s ratepayers, as well as deriving broader economic benefits for our region”.
Quayside Holdings Limited