Harvey Norman to invest in Coomboona dairy company

Chairman and co-founder of Harvey Norman (HVN), Gerry Harvey, told stock exchange on Wednesday that he has decided to invest AU$34 million in the Victorian dairy company Coomboona and hold 49.9 per cent stake in the organisation. The services rendered by this company ranges from farm operations to pedigree breeding and genetics division.

Harvey said the investment signifies the competition that exists in making money in retail market. “You have got to look around to try to find out where you can put your money and try and make some money,” he told The Australian. Harvey avoided explaining his interest in investing in the dairy business, saying HVN would have put its money into different business, if it weren’t investing into retail business.

HVN has invested in non-retailing sectors before and received significant returns on investment from mining camps. Harvey said that the company always looks for businesses that possess potential for growth.

According to the Australian Financial Review in June, Harvey focused on making an investment of AU$80 million in the dairy business of Coomboona. HVN is one of the largest retailers based in Australia. It is a franchise of Harvey Norman Holdings Limited owned by Harvey. The documents from Australian Securities and Investments Commission (ASIC) indicate the bond between Coomboona and Harvey dates back to November 2014 when the owner registered it as Coomboona Holdings Pty Ltd.

“If we were not adventurous we would have never gone to New Zealand, we would have never gone to Asia or to Ireland, and all these places. We have always had this entrepreneurial, adventurous sort of thing that is part of our DNA,” Harvey said. He also conveyed his plans to make more investments in the coming years and indicated his trust on the investment in the dairy business, which is likely to yield good results.

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