Primo Group, Australia and New Zealand’s leading producer of ham, bacon and processed meat products, is to be acquired by JBS Australia, a subsidiary of Brazilian food giant JBS, for $A1.45 billion ($1.26 billion).
Primo Group, which was started in 1985 with just 38 employees, has grown to become Australia’s leading processed meats companies, now employing more than 3,000 staff.
Commenting on the deal, Wesley Batista, Global CEO of JBS, said: “This acquisition is strongly aligned with our global strategy to expand our presence in the value-added product category and well-known brands. Primo Group is the leading company in this segment with strong brands and represents an outstanding opportunity to expand our business in Australia, considering the annual growth in consumption of prepared products and the prospects to increase exports of convenient products from Primo Group portfolio”.
Primo Group chief executive Paul Hitchcock said: “While it will remain very much business as usual for our employees, suppliers and customers, this transaction offers tremendous opportunities for a producer of high quality products like Primo”.
Source: The Australian