Ingham Poultry Bought by Private Equity12 March 2013
AUSTRALIA - Poultry giant Ingham Enterprises has been sold to global private equity firm TPG.
ABC News reports that it is believed the sale, worth more than $800 million, marks the first major foreign investment in Australia's poultry industry.
Ingham Enterprises, which is Australia's largest poultry producer, has been on the market since July.
The company's immediate past owner Bob Ingham says the day-to-day operations of the company will "continue as usual under the direction of the CEO Kevin McBain and his team".
TPG's Ben Gray says it is a privilege to buy the business and there are plans to grow Ingham Enterprises with new innovations.
John Kettle from McCullough Robertson Lawyers says the deal represents the huge foreign interest for Australian meat companies.
"Very significant; the big dollars to come into the Australian economy, in terms of acquisitions, are still going to come from the United States, European-based private equity funds," he said.
"There is a lot of cash out there looking for homes, and the two areas which they'll focus on are the infrastructure and resources play, but I think food security and food businesses are equally important. I think that's what this deal signals."
TheMeatSite News Desk