PSP Investments has paid more than $100m to secure more than 1000ha of macadamia orchards and vacant land from industry pioneers, the Steinhardt family.
for more than $70 million from the Manera family’s Macadamia Enterprises.
According to its website, Macadamias Australia is “the largest family owned, vertically integrated macadamia business in the world”. This includes the Happy Nut retail business that the Steinhardt’s eldest son, Trevor, will own and operate, as well as Macadamias Australia’s tourism business, cafe and Farmfresh Fine Foods vegetable processing facility that their daughter Janelle and her husband Andrew Gerry will own and operate.
Although macadamia nut prices crashed last year amid a COVID-19-induced glut – falling to about $3 a kilogram for nuts in shell, after peaking at almost $7 in 2020 – investors are confident the price will recover over the coming years given rising global demand for the versatile and healthy snack food, and the development of more productive tree types.
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