Costa Group

Costa Group is an Australian horticultural business whose activities span the production, packing, marketing and distribution of fresh produce. Its origins are traced to a family-owned fruit shop established in Geelong in 1888. Over time, the business developed from a retail and produce operation into a vertically integrated horticultural group supplying major food retailers and other customers. The company’s principal production categories have included berries, mushrooms, tomatoes, citrus, bananas, avocados and table grapes. Costa generally grows produce through its own farms, orchards and protected-cropping facilities, while also managing packing, logistics, wholesale and marketing functions. Its operating model is built around control of selected parts of the supply chain, long-term agricultural assets and the development of branded or proprietary produce varieties. Costa expanded significantly from the 2000s onward. Its international activities included the African Blue joint venture in Morocco, established in 2007, and a farming joint venture in southern China. These operations supported the production of blueberries and other berries for international markets. The company also expanded its Australian footprint through acquisitions, new plantings, long-term orchard leases and investment in berries, mushrooms and sweet snacking tomatoes. A strategic partnership with Paine + Partners in 2011 supported a broader transformation program. That program emphasized greater scale, vertical integration, renewal of core horticultural assets and investment in categories with stronger growth prospects. Costa subsequently focused more heavily on berries, mushrooms, citrus, avocados and protected-cropping tomatoes, while exiting or reducing exposure to categories such as leafy vegetables, potatoes and stone fruit, and downsizing some non-core table-grape, banana and logistics activities. Costa floated on the Australian Securities Exchange in July 2015. Its public-company period made it one of Australia’s largest listed horticultural businesses, but the company later became the subject of a takeover. In September 2023, its board agreed to a proposal from a consortium led by Paine Schwartz Partners, Driscoll’s and British Columbia Investment Management Corporation at AUD 3.20 per share, implying an enterprise value of approximately AUD 1.5 billion according to contemporary reporting. The acquisition was completed in February 2024, after which Costa ceased to be an ASX-listed company. The group has continued developing its international berry platform. In March 2025, Costa commenced blueberry production in Paksong, Laos, on the Bolaven Plateau, with plans reported for expansion to 200 hectares by 2028. Costa’s present identity is therefore that of a vertically oriented fresh-produce producer and marketer, with Australian farming and supply-chain operations complemented by international berry production and variety development.

Costa Group’s history begins with a family-owned fruit shop established in Geelong in 1888. The business gradually moved beyond retail into the sourcing, production and marketing of fresh produce. Its later development reflects the consolidation and professionalization of Australian horticulture, with the company building agricultural assets and supply-chain capabilities across several product categories. A major phase of internationalization began with the establishment of the African Blue joint venture in Morocco in 2007. The venture provided Costa with access to blueberry-growing conditions that complemented its Australian production calendar and helped support supply to international markets. Costa later formed a farming joint venture in southern China, where it developed production of blueberries, raspberries and other berries. These international operations became an important part of the group’s berry strategy and proprietary-variety platform. In Australia, Costa expanded through organic development and acquisitions. Growth initiatives included the development of berry and sweet snacking tomato categories, the acquisition of Adelaide Mushrooms and the addition of citrus assets through long-term leases of former Timbercorp orchards in 2011. These moves increased the company’s exposure to categories with year-round or extended-season demand and strengthened its ability to coordinate farming, packing and marketing. Costa entered a strategic partnership with Paine + Partners in 2011. The partnership supported a transformation program directed at increasing scale, improving vertical integration, reinvesting in existing assets and funding growth. During this period, Costa also made choices about portfolio focus. It exited leafy vegetables, potatoes and stone fruit and reduced non-core activities involving table grapes, bananas and logistics. The resulting portfolio placed greater emphasis on berries, mushrooms, citrus, avocados and protected-cropping tomatoes. The company became publicly listed in July 2015 through an initial public offering on the Australian Securities Exchange. As a listed company, Costa was described as Australia’s largest horticultural company and supplied major food retailers through its farming, packing, wholesale, logistics and marketing operations. Its production model combined owned or controlled farms and greenhouses with international joint ventures and commercial relationships. The next major ownership change occurred in 2023. Costa’s board agreed to a takeover offer from a private-equity-led consortium involving Paine Schwartz Partners, Driscoll’s and British Columbia Investment Management Corporation. The offer was made at AUD 3.20 per share and was reported to value the company at roughly AUD 1.5 billion. Completion in February 2024 ended Costa’s period as an ASX-listed company and returned it to private ownership. After the acquisition, Costa continued to develop its berry production footprint. In March 2025, it began blueberry production at Paksong on the Bolaven Plateau in Laos. The reported expansion plan aims to reach 200 hectares by 2028. This initiative illustrates the continuing importance of international production, seasonal diversification and berry-sector growth in Costa’s strategy.

• 2025

  Blueberry production begins in Laos

  [1]Costa Groupen.wikipedia.org

  Costa commenced blueberry production in Paksong on the Bolaven Plateau and announced a long-term expansion plan.

• 2024

  Takeover completed

  [1]Costa Groupen.wikipedia.org

  The acquisition was completed in February, ending Costa’s ASX listing.

• 2023

  Takeover agreement announced

  [1]Costa Groupen.wikipedia.org

  Costa’s board agreed to a consortium takeover offer priced at AUD 3.20 per share.

• 2015

  Initial public offering on the ASX

  [1]Costa Groupen.wikipedia.org

  Costa Group floated on the Australian Securities Exchange in July 2015.

• 2011

  Strategic partnership and Australian expansion

  [1]Costa Groupen.wikipedia.org

  Costa entered a strategic partnership with Paine + Partners and expanded its citrus footprint through long-term leases of former Timbercorp orchards. The period also supported a broader transformation program.

• 2011

  Adelaide Mushrooms acquired

  [1]Costa Groupen.wikipedia.org

  Costa acquired Adelaide Mushrooms, adding mushroom production operations in South Australia and Tasmania.

• 2007

  African Blue joint venture formed in Morocco

  [1]Costa Groupen.wikipedia.org

  Costa and its partner established African Blue, creating an international platform for blueberry production in Morocco.

• 1888

  Family fruit shop established in Geelong

  [1]Costa Groupen.wikipedia.org

  Costa Group traces its origins to a family-owned fruit shop founded in Geelong, Victoria.

A vertically integrated fresh-produce grower, packer and marketer focused on supplying retailers with reliable volumes of fruit, vegetables and mushrooms from controlled horticultural operations.

• Fresh fruit

  Berries

  Berries are one of Costa’s central growth categories. The group produces blueberries, raspberries and other berries in Australia and through international operations in Morocco, China and Laos. Its berry strategy combines farm development, seasonal diversification and work with proprietary varieties for domestic and international supply.

• Fresh produce · 2011

  Mushrooms

  Mushrooms form a significant part of Costa’s produce portfolio. The category was strengthened by the acquisition of Adelaide Mushrooms, which brought production operations in South Australia and Tasmania into the group. Costa supplies mushrooms through its growing, packing and marketing network.

• Fresh fruit · 2011

  Citrus fruit

  Costa’s citrus operations include orchard production and associated packing and marketing. The company expanded its citrus footprint through long-term leases of former Timbercorp orchards beginning in 2011, making citrus an important component of its Australian horticultural platform.

• Protected-cropping vegetables

  Tomatoes

  Costa grows tomatoes, including sweet snacking tomatoes, in greenhouse and other controlled horticultural environments. The category was developed as part of the company’s strategy to build scalable, differentiated fresh-produce offerings and to provide more consistent supply to retail customers.

• Fresh fruit

  Avocados

  Avocados are among Costa’s principal fruit categories. The business covers cultivation and the subsequent packing and marketing of the crop, connecting orchard production with retailer and wholesale channels.

• Fresh fruit

  Bananas and table grapes

  Bananas and table grapes have been part of Costa’s broader fresh-fruit portfolio. The company later reduced the scale of these activities as it concentrated capital and management attention on selected core categories, including berries, mushrooms, citrus, avocados and tomatoes.

• 2025

  Laos blueberry expansionStrategy

  Background

  Costa continued expanding its international berry production platform after becoming privately owned.

  Action taken

  The company commenced blueberry production in Paksong on Laos’s Bolaven Plateau and planned to expand the operation to 200 hectares by 2028.

  Aftermath

  The initiative broadened Costa’s geographic production base and supported its focus on berries and seasonal supply diversification.

  Source

• 2023

  Takeover acceptedM&A

  Background

  Costa’s board considered a takeover proposal from a consortium led by Paine Schwartz Partners, Driscoll’s Inc and British Columbia Investment Management Corporation.

  Action taken

  The board agreed to the offer at AUD 3.20 per share, with the transaction reported to value Costa at approximately AUD 1.5 billion.

  Aftermath

  The transaction completed in February 2024 and Costa became privately owned and ceased trading as an ASX-listed company.

  Offer price per share. AUD 3.20 (2023 takeover proposal)

  Source

• 2015

  Public listingM&A

  Background

  After a period of expansion and strategic transformation, Costa sought access to public equity markets.

  Action taken

  Costa completed an initial public offering and was listed on the Australian Securities Exchange in July 2015.

  Aftermath

  The company operated as a listed horticultural group until its acquisition in 2024.

  Source

• 2011

  Strategic transformation and vertical integrationStrategy

  Background

  Costa sought to increase scale, strengthen control across farming and supply-chain activities, renew core assets and fund growth in selected horticultural categories.

  Action taken

  The company expanded berries, sweet snacking tomatoes, mushrooms and citrus while investing in farms, orchards, greenhouses and associated packing and marketing capabilities.

  Aftermath

  The transformation produced a more focused portfolio and supported Costa’s later public listing and international berry expansion.

  Source

• 2011

  Portfolio rationalizationStrategy

  Background

  Costa reviewed its categories and non-core operations as part of its transformation program.

  Action taken

  The group exited leafy vegetables, potatoes and stone fruit and reduced activities involving table grapes, bananas and logistics.

  Aftermath

  Costa concentrated more heavily on berries, mushrooms, citrus, avocados and protected-cropping tomatoes.

  Source

• 2025

  Costa Group begins blueberry production in Laos[1]Costa Groupen.wikipedia.org

  Product launch

  Costa commenced blueberry production in Paksong on Laos’s Bolaven Plateau and reported plans to expand the site to approximately 200 hectares by 2028.

• 2024

  Costa Group takeover completed and company leaves the ASX[1]Costa Groupen.wikipedia.org

  M&A

  The consortium’s acquisition of Costa Group was completed in February 2024. Following completion, Costa was no longer an ASX-listed company.

• 2023

  Costa Group agrees to takeover by consortium led by Paine Schwartz Partners[1]Costa Groupen.wikipedia.org

  M&A

  Costa’s board agreed to a takeover proposal from a consortium led by Paine Schwartz Partners, Driscoll’s Inc and British Columbia Investment Management Corporation. The offer was priced at AUD 3.20 per share and was reported to value the company at approximately AUD 1.5 billion.

1. 1Costa Groupen.wikipedia.org
2. 2Costa Group official websitecostagroup.com.au
3. 3Costa Group launches $190m raising; UBS on ticketafr.com
4. 4Costa: Brother pledges $2.75m for new shares in troubled fruit and veg giantfreshplaza.com
5. 5MRG sells citrus assets to Costa Group for AU$4.5mfreshplaza.com