Gina Rinehart’s Hancock Prospecting out to market with Bunbury Farmers Market purchase, eyes Perth expansion

Mining billionaire Gina Rinehart has taken a majority stake in the Bunbury Farmers Market, heralding a new era of big growth plans for the iconic South West business. The West Australian can reveal Hancock Prospecting, which is Mrs Rinehart’s key investment vehicle, has reached a deal with the market’s current owners — Kevin Opferkuch and Graham Heath — but the exact terms were not undisclosed. According to its most recent financial statements available, the market raked in around $82.6 million for the 2022 financial year with profit after tax of nearly $3m, compared to 2021 when it generated $85.1m with a profit just over $5m. In a statement, Hancock said the investment would enable an acceleration in the market’s growth plans, including the development of the recently announced Vasse Village Bunbury Farmers Market, which set to open in late 2024. “Additional future sites, including Perth locations, will also allow new customers to enjoy the unique BFM experience,” Hancock said. The market purchase aligns with an expanding food and beverage empire in WA under the Hancock banner, which includes 2GR Wagyu Beef, S. Kidman & Co boxed beef and pies, and Bannister Downs Dairy at Northcliffe. Mrs Rinehart said the investment would support the growth and expansion of the successful WA business and extend the benefits of further fresh produce to consumers and farmers alike. “Like most West Australians who travel to the South West, many of us at (Hancock) are happy to be customers of Bunbury Farmers Market,” she said. “We are pleased to make this investment to support the growth and expansion of this iconic and successful WA business, and to extend the benefits of further fresh produce to consumers and farmers alike.” In a joint statement, Mr Opferkuch and Mr Heath said that after 20 years of owning and running the market, they were excited to welcome Mrs Rinehart as a partner. “Hancock is a pioneering WA business, and with their long history in agriculture and commitment to quality produce, they share our vision for our WA company.” The market was established in June 2003 and proudly claims on its website that 90 per cent of the fresh fruit and vegetables at the store is in the ground two days beforehand.