Barker's jam sale to Andros approved

Wednesday, 30 September 2015

A French company's acquisition of South Canterbury jam company Barker's has finally gained regulatory approval almost six months after it was announced.

The Overseas Investment Office (OIO) released its decision on French multinational Andros' application to buy an 84.4 per cent stake in Barker Fruit Processors Limited on Wednesday.

The office determined Andros, which had an estimated annual turnover of about €2 billion (NZ$3.5b), could use its 'significant knowledge' of the jam and preserve industry to improve efficiency and productivity at the Geraldine-based company, which employed about 180 people.

Announcing the deal in April, director Michael Barker said he did not expect the deal to have any difficulty gaining the office's approval and said it would be 'business as usual' for the juice, jam and preserve producer.

READ MORE: Jam and preserves company Barker's sold to Andros group

The office said Andros would seek to 'use its extensive distribution network to grow Barkers' export business'. The 60-year-old family-owned French company operated 25 factories around the world and had a global sales and distribution network.

Barker revealed, in April, Barker's began seeking investors in about April 2013.

A decision by the private investors behind 36 per cent shareholder South Island Food Investments to 'cash up their stake', after an eight-year investment, prompted the search.

One of the company's directors, Geoffrey Norgate, said in April it would be premature to comment on the deal before it gained OIO approval. Norgate could not be reached for comment on Thursday.

Companies office records indicated Barker remained one of Barker Fruit Processors' four directors along with Andros chief executive and owner Frederic Gervoson, Gilles Hope-Rapp and Agnes Baekelandt-Dagoneau.