Sumitomo Sells Emerald Grain to Investment Manager Roc Partners
After owning a 50 percent stake in the company since 2010, and fully owning it since 2014, Sumitomo has agreed to sell Emerald Grain to Sydney-based investment manager Roc Partners.
Based in Melbourne, Emerald Grain controls the only bulk grain terminal at the city’s port, and has five grain storage facilities in southern New South Wales and another four in northern Victoria.
Under Sumitomo’s ownership, Emerald Grain has seen substantial development, according to managing director David Johnson. Working with Sumitomo, Emerald has restructured its business and streamlined its strategy which will help position Roc Partners as it enters into the Australian grain industry during a year where conditions are highly favorable for Emerald’s operations.
The transaction involves all of Emerald’s grain trading and supply chain management activities, which will continue uninterrupted throughout the transition - a critical point as Australia’s grain belt is currently in the midst of its 2020 harvest.