Shareholders of New Zealand's biggest egg producer Mainland Poultry, have reached an agreement to sell to Private Equity firm Navis Capital.

While the deal remains subject to Overseas Investment Office (OIO) approval, it is a significant transaction for the countries agricultural and FMCG industry.

Under the agreement founding shareholders of Mainland Poultry will keep a significant shareholding in the business and senior managers will be retained.

The deal was brokered by Mainland's corporate law team at Minter Ellison Rudd Watts.