In the heart of Aotearoa's farmland, a 633-employee co-operative operates with a quiet, unshakeable grip on the national agricultural supply chain. For 45 years, Ravensdown hasn't just sold fertilizer—it has engineered the very foundation of New Zealand's primary sector.

"They don't just supply farms; they supply the data, logistics, and aerial precision that modern agriculture runs on."

The revenue figure of $35M seems modest for an industry leader, but it's deceptive. This is a high-margin, capital-intensive operation with a massive physical footprint (aerial application, logistics, R&D). The real value isn't in the top-line revenue but in the recurring, sticky revenue from digital subscriptions and essential nutrient services that have zero churn.

• Aerial application and precision agriculture via Aerowork (CEO Harald Hendel) creates a high-barrier service layer
• The 'Hawks Eye' digital platform drives user retention and data moats
• Co-operative ownership aligns incentives, eliminating shareholder pressure for short-term gains