Oriens Capital Announces Sale of Bluelab Holdings

We are pleased to announce the sale of Bluelab Holdings Limited (“Bluelab”) to Pioneer Capital and the New Zealand Superannuation Fund.  The transaction, which went unconditional on 24 September 2021 and settling in early October 2021, will result in Oriens Capital Private Equity Fund LP (“the Fund”) exiting its stake in full for cash consideration, whilst existing owners Greg and Mandy Jarvis will continue as minority shareholders alongside the new owners.

Bluelab is a global leader in the production of measurement and automation devices that support crop performance in the Controlled Environment Agriculture market. The Fund invested in Bluelab in 2018, as a minority shareholder alongside the founders Greg and Mandy Jarvis.

Over the course of our investment, Bluelab has achieved many key milestones, including:

  • Launched both new and improved products to market, and expanded production throughput by 400%
  • Strengthened the on-the-ground presence in North America including a new office and warehouse
  • Developed digital platforms and content (eCommerce, virtual education as well as a new website incorporating direct to customer sales functionality)
  • Significant human resource investment in innovation, production, sales and a strengthened executive capability, creating 55 new jobs and now employing 134 FTE’s
  • A focus on ESG through the implementation of a Global Impact Committee and a new purpose “The art of growing for a healthier world”
  • Winner of the Excellence in Innovation award at the 2019 New Zealand International Business Awards

Bluelab has enjoyed strong macro-economic tailwinds consistent with our original investment thesis.  This envisaged a world requiring efficient nutrient management and effective use of scarce water resources, and delivering greater grower productivity.  Over the course of Oriens’ investment period, Bluelab’s products have enjoyed strong demand, particularly in its largest market, the USA.  This has led to significant revenue and earnings growth and increasing scale.

Oriens Capital would like to acknowledge the Bluelab management team, led by Greg and Mandy Jarvis, for its outstanding performance throughout Oriens’ investment period.  We believe Pioneer Capital and the New Zealand Superannuation Fund will make excellent owners and stewards of the business alongside Greg and Mandy, during Bluelab’s next phase of growth.

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