Brazilian meat processing giant subsidiary Minerva Foods Australia has acquired Australian Lamb Company for $400 million, subject to the satisfaction of certain conditions under the sale agreement.
The transition will commence on October 31, and the companies said they see operations running as usual, including the executive management keeping their current and key managerial roles.
Minerva Foods Australia (MFA) is owned by Minerva South America (65 per cent) and Saudi Agricultural and Livestock Investment Company (35 per cent).
Minerva Foods is a beef exporter in South America and owns processing and value-added facilities in the region. It also operates sales offices worldwide.
“The highly skilled workforce at Australian Lamb Company produces an incredible product that is well respected worldwide, and we look forward to building on this reputation,” said Iain Mars, CEO of MFA.
Australian Lamb has a slaughtering capacity of 3.78 million animals per year and owns two processing plants in Victoria – with exports accounting for 93 per cent of sales.
The Brazilian company aims to expand Australian Lamb’s international reach and provide opportunities in niche markets. It will also invest in the workforce, facilities and technology and drive improvements to grow the business.
According to a securities filing, Minerva will hold about 15 per cent of the lamb and sheep market in Australia, where it already owns Shark Lake and Great Eastern Abattoir, reports Reuters.
“It is a very exciting time for both companies,” said Darren Verrall, GM at Australian Lamb Company.
“To bring together the wealth of knowledge, experience and contacts that both businesses possess will be an excellent foundation for growth into the future.”
