Brazilian meat processor Minerva Foods has made its first investment in a processing business in an eastern Australian state, agreeing to acquire the processing and export business of the Australian Lamb Company (ALC) in Victoria.
The company, which operates through its local joint venture Minerva Foods Australia, will acquire 100% of the outstanding shares of ALC, subject to the satisfaction of certain conditions of the sale agreement.
Minerva Foods Australia is ultimately owned by a joint venture, 65% owned by South America-based Minerva SA and 35% owned by Saudi Agricultural and Livestock Investment Company (SALIC).
Minerva last year purchased two of his sheep processing plants in Western Australia (see previous report).
The company is estimated to be worth between $350 million and $400 million.
Australian Lamb Co’s business consists of his two facilities, a fully integrated state-of-the-art lamb processing facility in Colac Victoria and a boning room/sales and marketing center in metropolitan Melbourne .
The ALC leadership team will remain in their current key management positions.
Minerva SA, listed on the Brazilian Stock Exchange, is a major beef exporter in South America, with processing and value-added facilities in Brazil and other parts of South America, and sales offices around the world.
The company has a reputation for being more export-oriented than other Brazilian competitors such as JBS and BRF.
In Australia, Minerva operates an export trading company called Independent Meat Traders (IMTP), which was acquired in 2016.
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