If successful, the Anzco-Greenlea combined business would become No 3 in the country in revenue, among the top four processors along with Silver Fern Farms, Affco and Alliance Group.
The company wholly owned by Japan’s Itoham Yonekyu Holdings is already one of the nation’s largest beef and lamb exporters, with $2.2b of yearly turnover and employing nearly 3000 staff.
Privately held Greenlea is the fourth-largest beef exporter with an annual turnover of $600 million, two Waikato processing sites and a 500-plus staff roll.
The deal for an undisclosed sum includes Greenlea Premier Meats and its interests in Waitoa Estate and other businesses.
To proceed, it must get sign-off from the Commerce Commission and Overseas Investment Office.
Anzco sees Greenlea continuing as a stand-alone business and maintaining the brand and existing agreements with employees, farmers and customers.
Chief executive Peter Conley said Greenlea was a successful, well-run business the company had admired for a long time.
‘‘If the transaction is approved, we will combine our strengths and operate Greenlea unchanged as a stand-alone entity, to ensure a smooth transition following deal completion,’’ he said in a statement.
This approach would provide continuity and certainty for Greenlea staff, farmers and customers while future opportunities were explored to grow the combined business, he said.
‘‘There is strong strategic and operational alignment between the two businesses, with complementary products, export markets and operating footprints across New Zealand.’’
Anzco would work with and support the Greenlea team and farmers to continue supplying red meat products to domestic and international customers, he said.
Greenlea Premier Meats managing director Tony Egan said the proposed sale would secure the Greenlea legacy.
He said they had looked to find the ‘‘right buyer at the right time’’ as the family-owned business shaped its succession plan.
‘‘Greenlea has a long and proud history in the meat industry as a successful business that has been built over more than 30 years. Securing the business’ long-term success and growth has been a key priority in succession planning.’’
Mr Egan said a range of options had been explored to find the best outcome for Greenlea’s team, farmers and customers.
As a trusted company with a long track-record of investing in its businesses and in New Zealand, Anzco was the right partner to take the business forward, he said.
