NZ's largest poultry producer considers sale
August 20, 2010
by Meat&Poultry Staff
MELBOURNE, Australia – Private equity-owned Tegel Foods, based in Auckland, New Zealand, has appointed advisers to consider strategic options including a sale, a source told Reuters, in a deal that could be worth more than A$600 million (US$530 million).
Poultry producer Tegel, owned by Pacific Equity Partners, has appointed Greenhill Caliburn and Morgan Stanley to consider options including a trade sale, the source said. Pacific Equity Partners bought the business in 2005.
Tegel is New Zealand's largest poultry producer with more than 50% market share and 1,550 workers, and could attract interest from food players in Australia and Asia. An initial public offering is less likely than a sale given difficult market conditions, the source added.
Pacific Equity Partners declined to comment on the story.