Brownes Dairy has been put up for sale as its Chinese lender is calling in a $200 million loan, the Australian Financial Review reports.
Founded in 1886, Brownes Dairy is one of the country’s oldest dairy companies and a market leader in milk in Western Australia. It also sells a range of yoghurt, cheese and coffee nationally through Coles, Woolworths and IGA.
The company employs about 300 people and has annual sales of nearly $300 million. It has been owned by Chinese investors for eight years after being sold by Archer Capital.
Its biggest lender, China’s Mengniu Dairy Co, is calling in a $200 million loan and has appointed McGrathNicol’s Keith Crawford for the sale.
“We are engaging with key stakeholders to commence an orderly sale process for the iconic Brownes Dairy,” Crawford told the AFR.
As our appointment is limited to holding company shares only, we do not anticipate any impact on day-to-day operations.”
