Itoham Yonekyu, the Japanese conglomerate, has entered into an agreement to purchase 100% of the shares in Greenlea Group via its subsidiary Anzco Foods, the Christchurch-based meat processor and exporter. Anzco Foods is already one of New Zealand’s largest beef and lamb exporters, with an annual turnover of $2.2 billion ($1.33 billion) and nearly 3,000 staff.
The transaction includes Greenlea Premier Meats and Greenlea’s interest in the Waitoa Estate and its associated businesses, which comprise Waitoa Tannery and Waitoa Natural Proteins. Privately held Greenlea Group is New Zealand’s fourth-largest beef exporter, operating two Waikato processing sites, maintaining a 500-plus staff roll and generating an annual turnover of $600 million ($362.43 million). If successful, the combined business would become number three in the country by revenue among the top red meat processors.
Subject to customary conditions including Commerce Commission and Overseas Investment Office approval, Anzco Foods intends to operate Greenlea as a standalone business, maintaining the brand and existing agreements with employees, farmers and customers.
Anzco Foods chief executive Peter Conley stated: “If the transaction is approved, we will combine our strengths and operate Greenlea unchanged as a standalone entity to ensure a smooth transition following deal completion”.
Source: FMCG Business / Rural Life
