JBS Australia has completed the acquisition of Rivalea Holdings and Oxdale Dairy Enterprise from Singapore food company QAF, just weeks after receiving ACCC clearance of the deal and Foreign Investment Review Board approval.
The deal was set at an enterprise value of $175 million.
JBS Australia CEO Brent Eastwood described Rivalea as a leader in the Australian pork sector with a strong team and track record of sustainable pork production.
“Rivalea is a crucial part of Australia’s pork supply chain and we believe we can work together to create an improved and more efficient pork processing business for Rivalea customers, by using JBS’s experience as a major meat and food processor,” he said.
“JBS Australia is committed to building on these strong foundations and growing the business through new opportunities for Australian grown pork. We look forward to working closely with Rivalea’s management and workforce, existing customers, suppliers and contractors, to achieve this.”
Rivalea Holdings is the majority shareholder in Diamond Valley Pork, which Eastwood said will continue to provide kill services for customers and work at growing its customer base. He said Rivalea has provided written assurances of this directly to all DVP customers, along with local pork groups, the Victorian Farmers Federation and the ACCC.
“JBS has a long and proud history of supporting and growing its Australian and New Zealand businesses over the long-term, investing heavily in its local operations and domestic brands, while at the same time providing employment opportunities and supporting the regional economies in which we operate.
“We will employ this same locally-minded approach at Rivalea,” Eastwood said.