In a quick sale, Open Country Dairy has purchased 100 percent of Miraka, ending its 15-year reign as a Māori-owned business.
Announced on Monday morning, Board Chair Bruce Scott said it was difficult for Miraka to continue working alone.
“There is a lot to be proud of for Miraka over the past 15 years, having grown to become New Zealand’s second largest Māori-owned exporter. However, there are significant challenges that come with being a standalone regional processor operating in a global market. Under Open Country Dairy’s ownership, our Miraka whānau will be part of a strong NZ-owned network serving the global dairy market.”
Open Country CEO Mark de Lautour said the sale made sense for the business.
“We have admired the Miraka location and milk supply network for a long period, given it sits nicely between our Whanganui and Waikato operations. While we are still completing our recent Mataura Valley Milk acquisition, we were immediately interested when the opportunity came along to look at Miraka.
“We really believe that our 100% NZ-owned company culture, strong customer relationships, and scale makes this a good, strategic fit. The shareholders of both Miraka and Open Country believe the deal provides clear benefits for the combined business.”
Everything Miraka is currently doing day-to-day will remain the same, with the only difference being the owners.
“Even though the Miraka team will operate under its own brand, we will work hard to ensure their suppliers and staff feel a part of the wider Open Country team,” said de Lautour.
Both companies are major players in the dairy industry, with Miraka being the second-largest Māori-owned exporter and Open Country the second-largest exporter of whole milk powder.
