Two of Australia and New Zealand’s leading forest businesses, PF Olsen and Forest360, have confirmed a merger that will create the largest independent forest management company in Australasia.
Under the deal, Wood Central understands that private equity firm Adamantem Capital will join as an investment partner alongside existing PF Olsen shareholder Quayside Holdings, providing capital to support the combined group’s next phase of growth.
Together, the merged entity will manage around 480,000 hectares of forest and service more than 1,000 clients across New Zealand and Australia — from major institutional investors to farm foresters and private landowners. The companies say the merger brings together complementary strengths in forest management, harvesting, nurseries, consulting, and technical services.
Leadership of the new group will be drawn from both organisations. Forest360 Managing Director Dan Gaddum will become Group CEO, PF Olsen CEO Ross Larcombe will take on the role of Group Chief Commercial Officer, and Forest360’s Marcus Musson will serve as Group Chief Operating Officer.
Gaddum said the merger strengthens the sector’s ability to deliver end‑to‑end forest management services. “By combining our skills and services, we can better service clients across the entire forest management value chain,” he said. Larcombe said the merger creates a more resilient business with deeper capability across both countries. “This merger brings together complementary strengths, and I’m confident it will create a stronger, more resilient business for our clients and the industry,” he said.
Adamantem Capital will invest through its Environmental Opportunities Fund, which targets companies supporting the transition to a net‑zero economy. Director Callum Morrison said the firm sees strong potential in the combined group to improve environmental and natural capital outcomes for landowners.
Quayside Holdings CEO Lyndon Settle said the merger aligns with its strategy to support a “resilient, future‑focused forestry sector that delivers sustainable value for all stakeholders.”
Staff from both organisations will transition into the merged entity, which will continue operating from all existing locations across New Zealand and Australia. The companies say the integration will focus on safety, professional development, and maintaining strong local relationships.
The merger is expected to be completed by February next year.
