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Pencarrow V Investment Fund LP invests in New Zealand Frost Fans

Pencarrow Private Equity is pleased to announce that Pencarrow V Investment Fund LP has acquired a 75% stake in New Zealand Frost Fans (NZFF).

NZFF designs and manufactures frost protection solutions for a wide range of crops, including grapes, nut, apples, citrus and avocados. NZFF is the leading supplier of frost fans in Australia and New Zealand as well as selling to overseas markets including Turkey and Chile. Frost fans are manufactured in Hawke’s Bay and NZFF also offers remote monitoring services.

Frost fans (also known as wind machines) are an efficient method of protecting a diverse range of crops against frost and cold damage. Frost fan machines typically comprise a 5 to 6 metre diameter fan mounted on a 10-metre tower and connected to a powerful engine. They provide frost protection by drawing down warmer air from the inversion layer and circulating it around the orchard or vineyard.

NZFF is led by Chief Executive, Steve Haslett, who acquired the business in 2007. Pencarrow is excited to be working with Steve and the rest of the management team to continue NZFF’s significant growth.