Graeme Hart’s business empire spans over three decades and includes more than 50 significant acquisitions across multiple continents. His portfolio reveals a strategic pattern: acquire undervalued assets, improve operations, and either hold for cash flow or sell at substantial profits. Here’s a comprehensive list of the businesses that built New Zealand’s greatest fortune.
Early Acquisitions (1980s-1990s)
Government Printing Office (1990)
Acquisition Price: Undisclosed (leveraged buyout)
Industry: Printing and publishing
Outcome: Hart’s first major deal, establishing his leveraged buyout playbook. Restructured and eventually sold.
Print Pack (Early 1990s)
Industry: Packaging
Significance: Early entry into packaging sector that would become his primary focus. 
PDL Holdings (1992)
Acquisition Price: Approximately $90 million
Industry: Manufacturing and distribution
Outcome: Restructured and sold divisions for profit.
Major New Zealand Acquisitions
Carter Holt Harvey (2006)
Acquisition Price: $3.3 billion NZD
Industry: Forestry, timber, packaging
Details: New Zealand’s largest private acquisition at the time. Purchased from International Paper.
Holdings Included:
- Timber processing operations
- Pulp and paper mills
- Packaging manufacturing
- Forestry assets across New Zealand
Outcome: Systematically divested forestry assets, retained packaging operations. Sold various divisions including timber operations to focus on core packaging business.
Alex Harvey Industries
Acquired: Late 1990s
Industry: Manufacturing and distribution
Outcome: Integrated into broader portfolio.
Australian Operations
Burns Philp (2003-2006)
Acquisition Price: ~$2 billion AUD
Industry: Food ingredients and yeast manufacturing
Major Divisions:
- Goodman Fielder: Food manufacturing (bread, dairy, oils)
- Yeast and bakery ingredients division
- Various food brands across Australia and New Zealand
Outcome: Executed brilliant break-up strategy:
- Sold yeast division to Lallemand
- Sold Goodman Fielder for approximately $3 billion AUD
- Generated billions in profit from strategic divestment
Goodman Fielder (Acquired via Burns Philp)
Major Brands Included:
- Meadow Fresh
- Vogel’s
- Mighty Soft
- Praise
- Helga’s
- White Wings
Outcome: Sold to private equity consortium in 2003 for massive profit.
North American Packaging Empire
Rank Group Holdings
Hart’s primary investment vehicle, which owns an extensive portfolio of North American packaging businesses:
Reynolds Consumer Products
Acquisition: Built through multiple acquisitions in 2000s-2010s
Industry: Consumer packaging products
Major Brands:
- Reynolds Wrap: Aluminum foil
- Hefty: Trash bags, food storage bags, disposable tableware
- Diamond: Food storage products
- Bakers & Chefs: Food service products
Current Status: Sold majority stake via IPO in 2020, retaining significant ownership through Rank Group.
Closure Systems International (CSI)
Industry: Plastic closures and caps
Products: Bottle caps, dispensing systems
Operations: Global manufacturing facilities
Significance: One of world’s largest plastic closure manufacturers.
Evergreen Packaging
Acquisition Price: Over $1 billion USD
Acquired: 2012
Industry: Beverage cartons
Products:
- Milk cartons
- Juice containers
- Aseptic packaging
Operations: Multiple plants across North America and Asia
Significance: Major player in liquid food packaging, competing with Tetra Pak.
Pactiv Evergreen (Merger)
Formed: 2020
Details: Evergreen Packaging merged with Pactiv to create integrated food and beverage packaging giant
Products:
- Food service packaging
- Beverage cartons
- Food containers
- Tableware
Public Listing: Listed on NASDAQ in 2020, with Hart’s Rank Group maintaining substantial ownership.
Graham Packaging
Acquisition: Mid-2000s
Industry: Plastic containers
Products:
- Blow-molded plastic bottles
- Custom containers for food, beverage, and household products
Outcome: Sold to Silgan Holdings in 2021 for approximately $1 billion.
Carter Holt Harvey Packaging (USA)
Industry: Beverage packaging
Products: Paperboard beverage carriers
Operations: Manufacturing facilities across North America.
European Operations
SIG Combibloc (Partial ownership)
Industry: Aseptic carton packaging
Products: Long-life beverage and food packaging
Operations: European manufacturing and distribution.
European Packaging Operations
Hart has owned various European packaging facilities through the Rank Group, including:
- Beverage packaging plants
- Food container manufacturing
- Specialty packaging operations
Forestry and Timber Assets
Carter Holt Harvey Forestry Assets
Included:
- Extensive forestry estates in New Zealand
- Timber processing mills
- Export operations
Outcome: Systematically divested to focus on packaging.
Various Forestry Holdings
Multiple smaller forestry investments in New Zealand and Australia, most of which have been sold.
Other Notable Holdings and Investments
Tasman Pulp & Paper
Acquired: Through Carter Holt Harvey acquisition
Industry: Pulp and paper manufacturing
Location: Kawerau, New Zealand
Outcome: Eventually sold as part of CHH restructuring.
Various Printing Operations
Multiple printing businesses acquired in the 1990s and early 2000s as Hart built his initial portfolio.
Distribution and Logistics Companies
Various distribution operations acquired alongside manufacturing businesses, typically integrated or divested.
Current Holdings (As of 2024-2025)
Hart’s current empire centers on the Rank Group, which maintains ownership in:
Active Core Holdings
Pactiv Evergreen
- Publicly traded (NASDAQ: PTVE)
- Rank Group maintains significant ownership stake
- Integrated food and beverage packaging
Closure Systems International
- Private ownership through Rank Group
- Global plastic closures manufacturer
Reynolds Consumer Products
- Publicly traded (NASDAQ: REYN)
- Rank Group retains substantial ownership post-IPO
- Consumer packaging brands
Various Private Packaging Operations
- Multiple smaller packaging manufacturers
- Specialty packaging facilities
- Regional operations across North America, Europe, and Asia-Pacific
Investment Pattern and Strategy
Hart’s acquisition strategy reveals clear patterns:
Geographic Focus
- New Zealand (early career)
- Australia (expansion phase)
- North America (primary focus)
- Europe (strategic positions)
- Asia-Pacific (selective investments)
Industry Evolution
- Printing → Manufacturing → Forestry → Packaging
- Consistent move toward packaging consolidation
- Divesting non-core assets systematically
Holding Periods
- Short-term (1-3 years): Break-up plays like Burns Philp
- Medium-term (3-10 years): Restructuring plays
- Long-term (10+ years): Core packaging holdings generating steady cash flow
Estimated Business Count
Total Acquisitions: 50+ significant transactions
Current Holdings: 15-20+ active businesses through Rank Group
Businesses Divested: 30+ businesses sold for profit
Public Companies with Hart Ownership: 2 major (Pactiv Evergreen, Reynolds Consumer Products)
The Packaging Consolidation Empire
Hart’s current empire represents one of the world’s largest privately-held packaging conglomerates, with operations including:
- Beverage Packaging: Cartons, bottles, closures
- Food Packaging: Containers, wraps, storage products
- Food Service: Disposable products, tableware
- Consumer Products: Household brands like Hefty, Reynolds Wrap
- Industrial Packaging: Specialty applications
Value Creation Through Portfolio
Hart’s businesses have collectively:
- Generated tens of billions in revenue
- Employed hundreds of thousands globally
- Produced billions in shareholder value
- Established New Zealand as a base for global operations
The Private Empire Advantage
Unlike public conglomerates, Hart’s private structure through Rank Group allows:
- Long-term operational focus without quarterly pressure
- Strategic flexibility in acquisitions and divestitures
- Privacy in deal-making and financial performance
- Patient capital deployment
Legacy of Deal-Making
This extensive list of businesses represents more than acquisitions—it’s a masterclass in value creation. Hart identified fragmented industries, consolidated positions, improved operations, and extracted value through multiple strategies: break-ups, operational improvements, strategic sales, and long-term cash flow generation.
From a government printing office in 1990 to a multi-billion dollar global packaging empire, Hart’s business list tells the story of New Zealand’s most successful entrepreneur and one of the world’s most astute private equity operators.
The businesses Graeme Hart has owned collectively represent not just a portfolio, but a deliberate strategy executed over 35 years—transforming undervalued assets into one of the world’s great private fortunes.
