Minerva Foods Australia, jointly owned by Brazilian Minerva S.A. and the Saudi Agricultural and Livestock Investment Company (SALIC), will acquire Australian Lamb Company for $400 million.
Australian Lamb Company’s business includes two operational sites – a fully integrated lamb processing facility in Colac Victoria and a boning room and sales and marketing hub in metropolitan Melbourne.
A seamless transition will occur on October 31st and operations will continue as normal. The executive management team will remain with the business in their current and key managerial roles.
Minerva S.A. is a leading beef exporter in South America, owning processing and value-add facilities throughout South America, as well as sales offices around the world.
SALIC is wholly owned by the sovereign wealth fund of Saudi Arabia (the Public Investment Fund) and specialises in food and agriculture investments with an international presence in various countries including Australia, Canada, Brazil, Ukraine, India and the United Kingdom.
SALIC has directly invested in over 12 companies globally including a 100 per cent stake in Merredin Farms Pty Ltd, which operates 211,000 hectares of farmland in Western Australia and a 30.55 per cent stake in Minerva S.A.
Iain Mars, CEO of Minerva Foods Australia said, “The highly skilled workforce at ALC produces an incredible product which is well respected around the world and we are looking forward to building on this reputation.”
“Minerva Foods prides itself on its commitment to sustainability, community and its people and looks forward to engaging with the workforce and broader community.”
Darren Verrall, general manager, Australian Lamb Company said it is a very exciting time for both companies.
“To bring together the wealth of knowledge, experience and contacts that both businesses possess will be an excellent foundation for growth into the future,” Verrall said.
The purchase of Australian Lamb Company by Minerva Foods Australia adds to their existing lamb processing portfolio which includes two lamb processing plants in Western Australia.
The acquisition will also expand Australian Lamp Company’s international reach and provide opportunities in new and emerging markets. Investment in the workforce, facilities and technology will promote operational efficiencies, drive improvement and continue to grow the business.