How a Strategic Capital Raise Delivered Scale, Liquidity, and Investor Confidence

EastPack is one of New Zealand’s leading grower-owned co-operatives, providing post-harvest services including packing, sorting, orchard management, and grower advocacy.

In 2023, EastPack successfully raised $28 million in capital to support expansion and meet growing global demand for kiwifruit - one of New Zealand’s most important export sectors.

This case study explores how EastPack structured and executed a capital raise that balanced:

• Growth ambitions
• Investor appeal
• Operational efficiency
• Long-term flexibility

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The Challenge: Funding Growth in a Competitive Global Market

EastPack has been a cornerstone of the New Zealand kiwifruit industry since its inception in 1980. Over the years, the company has become the largest post-harvest service provider in New Zealand, known for its commitment to reinvesting in state-of-the-art equipment and sustainable growth.

As global demand for kiwifruit accelerated, EastPack identified the need for additional capital to scale operations and maintain market leadership.

In August 2020, EastPack initially considered raising external capital via subordinated notes but was unable to proceed due to market conditions at the time. The opportunity was revisited in 2022 when market conditions aligned globally and in the financial markets, creating a favourable environment for raising capital.

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The Solution: A Structured, Partner-Led Capital Raise

When market conditions improved in 2022–2023, EastPack moved forward with a carefully structured capital raise, supported by a strategic partnership:

• MC Capital – Lead arranger, responsible for structuring and execution
• MyFarm/Aginvest – Lead underwriter and capital raising partner
• Syndex – Digital infrastructure, investor access, distribution and an ongoing liquidity solution

This collaborative model combined:

• Institutional-grade structuring
• Deep sector expertise
• Access to a broad investor network
• Modern digital capital raising infrastructure

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Digital Capital Raising: Efficient, Scalable, Compliant

Using Syndex’s platform, EastPack delivered a fully digital capital raising process, significantly improving efficiency and investor experience.

Key capabilities:

• Online investor onboarding and application forms
• Integrated AML and compliance processes
• Automated documentation and communication
• Seamless access for both new and existing investors

Outcomes:

• Faster execution
• Reduced administrative burden
• Broader investor reach
• Improved investor experience

Syndex also introduced its investor network, enabling the offer to reach a wider pool of participants alongside MyFarm’s established distribution base.

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Adding Liquidity: A Secondary Market for Investor Flexibility

A critical feature of the EastPack capital raise was the inclusion of secondary market liquidity.

Through Syndex, EastPack enabled:

• The option to buy back notes
• Investor-to-investor trading on a digital platform 
• Access for both wholesale and retail participants

Why this mattered:

Liquidity is often a barrier in private market investments. By embedding a secondary market:

• Investors gained flexibility and optionality
• Confidence in the investment increased
• The offer became more attractive relative to illiquid alternatives

Today, investors actively trade EastPack shares on the Syndex platform. The notes move quickly, supported by the structure and returns of the investment and the strong reputation of the provider.

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Results: A Successful Capital Raise with Lasting Impact

The $28 million capital raise delivered strong outcomes across all dimensions:

For EastPack:

• Secured capital to fund expansion
• Maintained control and governance
• Positioned for continued growth in a high-demand sector

For investors:

• Access to a leading agribusiness investment
• Clear structure and governance
• Optional liquidity via a secondary market

For the market:

• Demonstrated a scalable model for co-operative capital raising
• Showcased the role of digital platforms in modern private markets

“Our partnership with EastPack reflects what Syndex was built to achieve - enabling growth through efficient, transparent, and technology-driven capital markets. By combining digital onboarding, compliance automation, and a secondary market option, we’ve helped make liquidity and investor engagement seamless for a cooperative that’s driving real impact in New Zealand’s primary sector.”
- Ross Verry, CEO, Syndex

A well-structured capital raise is no longer just about securing funds—it is about delivering a complete investor proposition.

By combining:

• Strong partnerships
• Digital infrastructure
• Embedded liquidity

EastPack created an investment opportunity that aligned issuer needs with investor expectations—setting a benchmark for future capital raises in New Zealand’s primary sector.

If you are considering a capital raise, particularly in private markets or the primary sector, platforms like Syndex can support efficient execution, investor access, and long-term liquidity.