Will Foley appointed to HBRIC Board

HBRIC’s investments are intended to be profit making, which would not rule out potential ag investments behind the farm gate aimed at improve farm profitability on a scalable basis.

Added 3 years ago

In his role as HBRC Councillor, our Future Farming Trustee Will Foley has been appointed to the board of the Hawke’s Bay Regional Investment Company (HBRIC), the holding vehicle for the Regional Council’s various investments, including its shares in Napier Port.

HBRIC, per its most recent Annual Report, holds assets valued at approximately $450m, the chief components of which are the Port shares and roughly $50m in managed fund investments.

Alongside HDC and Progressive Meats (and a $12m ‘dissolving loan’ from the Provincial Growth Fund), the company has also invested $4m in FoodEast, a new ‘food hub’ for Hawke’s Bay. Says HBRIC’s 2021 Annual Report:

“The hub concept is intended to co-locate food related businesses such as producers, researchers and training providers in one location, and become a centre for food innovation within the Hawke’s Bay region, including the provision of food innovation consulting services.”

HBRIC’s investments are intended to be profit making, which would not rule out potential agriculture sector investments behind the farm gate where innovations sought to improve farm profitability on a scalable basis.