Minerva Foods Australia, jointly owned by Brazil’s Minerva SA and the Saudi Agricultural and Livestock Investment Company (SALIC), will acquire the Australian Lamb Company for $400 million.
The Australian Lamb Company comprises two operational sites – a fully integrated lamb processing facility in Colac Victoria and a deboning facility and sales and marketing center in metropolitan Melbourne.
A smooth transition will take place on October 31, and business will continue as usual. The executive management team will remain with the company in their current and key leadership roles.
Minerva S.A is a leading exporter of beef in South America, with processing and value-adding facilities throughout South America, as well as sales offices worldwide.
SALIC is wholly owned by Saudi Arabia’s sovereign wealth fund (Sovereign Investment Fund) and specializes 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 more than 12 companies worldwide, including a 100 per cent stake in Merredin Farms Pty Ltd, which manages 211,000 hectares of farmland in Western Australia, and a 30.55 per cent stake in Minerva SA
Iain Marrs, CEO of Minerva Foods Australia, said: “The highly skilled workforce at ALC produces an incredible product that is respected around the world and we look forward to building on that reputation.”
“Minerva Foods prides itself on its commitment to sustainability, community and its people and looks forward to engaging with its workforce and the wider community.”
Darren Verrall, CEO of the Australian Lamb Company, said it was a very exciting time for both companies.
“Combining the wealth of knowledge, experience and contacts that both businesses have will provide an excellent foundation for future growth,” Verrall said.
The Australian Lamb Company’s purchase of Minerva Foods Australia added 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 open opportunities in new and emerging markets. Investments in manpower, facilities and technology will contribute to increased efficiency, improvement and further growth of the business.