https://insidefmcg.com.au/2025/08/04/coles-tomato-supplier-headed-for-sale-as-tu...Aug. 4th 2025.
Sundrop, a South Australia-based grower of greenhouse tomatoes that supplies to Coles, has been put up for auction amid soaring sales.
The company has hired corporate adviser Kidder Williams to assist in the search for potential bidders, the Australian Financial Review reported, adding that the deal could attract buyers such as Costa Group, Flavorite, Perfection Fresh and Clean Energy Finance Corporation.
Founded in 2009, Sundrop Farms uses solar energy and desalinated water to grow 10,000 tonnes of tomatoes a year. It boasts four glasshouses spanning five hectares each.
The business currently supplies truss, grape, cherry and heirloom tomatoes to Coles as part of a 10-year, recently re-signed agreement.
In a flyer sent to investors, Sundrop expects a revenue of $58.1 million in FY25 amid a compounded annual growth rate of 11 per cent over the past three years. This equates to $307 normalised revenue per square metre of land, the flyer highlights.
The company’s assets last traded for $70 million in 2022, when Morrison sold the properties to an unlisted agricultural fund run by Centuria Capital. Its operations were acquired by management as part of that deal.