By NOEL MURPHY
GEELONG businessmen Nigel Austin and Frank Costa have featured in an annual rich list of Australia’s 200 wealthiest people.
Mr Austin, head of Cotton On retail group, and fresh produce king Mr Costa were both estimated to be worth $295 million in the BRW list.
Cotton On has grown to be a billion-dollar-plus operation with more than 1300 stores internationally and plans to open another 250 this year.
In October the retailer acquired Australian young-fashion retailer Supre and its 157 stores.
Mr Austin founded Cotton On in 1991. He is the son of the late Grant Austin, co-founder of former Geelong-based clothing wholesaler Austin Group.
Nigel Austin’s wealth jumped from $250 million last year to $295 million, ranking him 173 in the top 200.
Mr Costa’s billion-dollar Costa Group, the biggest fresh-food supplier to Woolworths and Coles, is likely to go on the market in the next few years.
US firm Paine and Partners bought a 50 per cent stake in the company under a five-year plan struck in 2012. The remaining 50 per cent is split between Mr Costa, who chairs the company, and brothers Robert and Anthony.
Mr Costa and late brother Adrian founded The Costa Group in 1961 when they bought their father’s greengrocery, Covent Garden. By the mid-1960s they were supplying Coles and Woolies in Geelong and eyeing pastures further afield.
As the supermarkets steadily expanded through the 1970s so did the Costa fortunes. The group is now Australia’s largest private produce grower, marketer and exporter.
The Costa Group employs 7000 people and exports 20 per cent of its produce.
Mr Costa’s fortune rose $5 million in the past year, ranking him 175.
