This article is from the Australian Property Journal archive
THE Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund, and Minerva Foods has bought out Australia Lamb Company (ALC) in a $400 million deal.
The sale to Minerva Foods Australia will include the meat processors two factories, the sales marketing and bone room in Melbourne and the fully integrated lamb processing facility in Colac, where the company is one of the town’s biggest employers.
“To bring together the wealth of knowledge, experience and contacts that both businesses possess will be an excellent foundation for growth into the future,” said Darren Verrall, general manager at ALC.
The acquisition will see the ALC assets join Minerva Food Australia’s lamb processing portfolio in Australia, which includes two lamb processing plants in Western Australia.
Australian Lamb Company is a global leader in the processing and exporting of lamb products and in selling 100% of its issued shares is set to enable ongoing growth and employment opportunities for the regional Colac community.
Minerva Foods Australia is majority owned by the Brazilian branch of the company who hold a 65% stake, while SALIC hold the remaining 35%.
“Minerva Foods prides itself on its commitment to sustainability, community and its people and looks forward to engaging with the workforce and broader community,” said Iain Mars, chief executive at Minerva Foods Australia.
Operations are set to continue as normal as executive management at ALC remain in their current position to ensure a seamless transition following the sale.
“At $400 million, the deal’s value reflects ALC’s significant footprint in local and international markets. We are pleased that its 800 staff, including executive management, will continue in the ALC business,” said Warren Scott, lead partner at Holding Redlich, which advised ALC on the deal.
