Headwaters NZ Prepares For Growth After Successful Capital Raise

Lumina Lamb co-owner Headwaters NZ raises $2m from existing and new shareholders

20 June 2024 - Lumina Lamb - the internationally renowned ‘Rolls Royce’ of lamb - is set for global growth after its co-owner Headwaters NZ Limited closed a successful $2 million capital raise.

Lumina Lamb is jointly owned by Headwaters and Alliance Group and was born from an ambitious goal — to breed the world’s most succulent lamb. Hailing from the New Zealand hill and high country, Lumina Lamb is 100% natural, free-range and grass-fed. The lambs spend a minimum of 35 days finished on specially-cultivated chicory and clover forage.

The meat itself is finely marbled and enriched with high levels of naturally occurring Omega-3 polyunsaturated fats. It offers excellent health attributes, as well as unrivalled tenderness, texture and taste.

Lumina Lamb is sold exclusively in high-end restaurants and attracts praise from chefs around the world. Brian Howard, chef at Sparrow + Wolf, Las Vegas, describes Lumina Lamb as tender and rich. “You can tell so much care and love has gone into the husbandry of the animal. When you say lamb, there’s no other option.”

Opportunities for growth

The successful capital raise provides Headwaters NZ with greater flexibility for future opportunities and to drive greater returns to shareholders and suppliers.

Richard Green, Headwaters chair, says the raise gives sheep farmers good reason to be excited about their future.

“Building uber premium value chains on scale, from the consumer back to the farmer, is inherently difficult. Headwaters in partnership with Alliance has built a value chain around Lumina Lamb and is now in the scale-up phase. Across the value chain we are listening to our customer and innovating and adapting to create further value,” says Green.

The raise also sees a new shareholder join the Headwaters family, Ngāi Tahu farming.

“Ngāi Tahu Farming is delighted to now hold a small stake in Headwaters NZ. This

shareholding complements our current business portfolio, and we are looking forward to the

opportunities that lie ahead,” says Matthew Keen, general manager, Ngāi Tahu Farming.

Strong year

The capital raise comes off the back of a good year for Headwaters. Despite strong economic headwinds, Headwaters:

delivered a 35% increase in lamb supply numbers versus last year (185,000 lambs)

provided a premium above schedule for Lumina Lambs

welcomed another 20 new suppliers into the Headwaters family for 2025

partnered with Lone Star Farms to develop an alternate supply model to match breeders with contract finishers

improved maternal lamb growth rates by 20% while consistently improving meat quality traits.

Tom Sturgess, owner of Lone Star Farms (a Headwaters shareholder) says Lumina Lamb has the potential to be the “centre of the plate, hero dish in high-end restaurants globally. In my view we have only just scratched the surface in the growth of Lumina Lamb volumes and premiums. Not only do our Headwaters genetics produce lambs with superb eating characteristics they are also highly productive and efficient maternal sheep.”

© Scoop Media