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Rockit Global’s mini-apples grow maxi-value

Rockit Global’s mini-apples grow maxi-value
Rockit markets the miniature Rockit variety apple snacks and can’t keep up with demand. The apple snack is grown in both hemispheres with Rockit holding variety rights.
Pioneer Capital and Oriens Capital’s purchased Mr Alison’s stake in March.
“This result, while not cash-in-the-pocket, is a great outcome for the angel investors in these companies, the early-stage investment community and the agtech sector in New Zealand,” Mr Murphy said.
“Not only does it demonstrate that it is possible to get close to that mythical 10x return but that it’s possible to achieve that in a New Zealand food/agtech company. That’s something we’ve been working on for years.”
Enterprise Angel investors first invested in Rockit Global Limited (then called Havelock North Fruit Company) in 2011 and in the Rockit Orchard Limited Partnerships, becoming the first large-scale growers of the Rockit apples variety in 2012 and 2014. They formed the board of Havelock North Fruit Company Limited (now Rockit Global Limited) and guided growth thanks to expertise in the kiwifruit industry.
Last year Rockit exported 77 containers and earned its first profit while a wrestle for control between Mr Alison and six other shareholders went to the High Court. Mr Alison owned the largest single share in the company and had sought to buy the others out, instead bowing out a wealthy man this year.
“Securing funding as Rockit has from New Zealand private-equity growth investors is very significant and something I hope we see a lot more of in future,” Mr Murphy said.
“It sends a signal to the early-stage investors and entrepreneurs that it is possible to achieve post angel-round funding to better position young New Zealand companies to provide substantial investment returns.”
Rockit chairman John Loughlin said it was very positive that high-calibre growth equity investors such as Pioneer and Oriens recognised “the tremendous potential” in Rockit and would contribute governance expertise and additional capital to help the company deliver on “ambitious” growth plans.
Mr Murphy said Mr Alison did a great job in identifying “the lovely little apple” and a successful marketing strategy.