Anzco Foods’ parent company, the Japanese-based Itoham Yonekyu, is set to buy out New Zealand meat processing company the Greenlea Group for $657 million (NZ$800 million).
Itoham said the deal is set to be completed by the end of August, subject to approval from the relevant authorities. Itoham said the deal comes from New Zealand’s sustainable meat production market, one within which Greenlea operates a “favourable location” within. It also expects the deal to create “various synergies” with its subsidiary, Anzco.
“This acquisition is expected to make Anzco the most profitable meat producer in New Zealand, further strengthening its business base in the country,” Itoham added.
Already turning over more than $1.5 billion each year, with more than 3000 employees, Anzco operates across the full sector of agribusiness but specialises in procurement, processing, and export of beef and lamb.
“Greenlea is a successful, well-run business that we’ve admired for a long time. If the transaction is approved, we will combine our strengths and operate Greenlea unchanged as a standalone entity, to ensure a smooth transition following deal completion,” said Peter Conley, Anzco Foods CEO.
“There is strong strategic and operational alignment between the two businesses, with complementary products, export markets and operating footprints across New Zealand, and we’re looking forward to working with and supporting the Greenlea team and farmers to continue supplying premium quality red meat products to key customers in New Zealand and globally.”
The deal with Greenlea, New Zealand’s fourth largest beef exporter, will see the incorporation of two beef processing plants in New Zealand’s Waikato region, where the company processes more than 200,000 cattle each year. The group comprises the Greenlea Premier Meats business, and its and Greenlea’s interest in the Waitoa Estate.
