The Dunedin-based agribusiness, which is the country’s largest supplier of eggs, confirmed in a statement yesterday it had been sold to Malaysian shareholders Navis in conjunction with Sydney-based Pacific Equity Partners Gateway (PEP Gateway).
The statement did not reveal the final price, but reports in other business media suggest it could be for nearly $300m.
Mainland Poultry chief executive John McKay said the sale process had been under way for many months and successfully concluded this week, subject to Overseas Investment Office approval.
He said while it would be business as usual, it would support the future development of the business.
"This new ownership provides a strong base for us to continue to grow New Zealand egg production and invest in new initiatives right across the business.
"This marks a new chapter in the history of our business and one that will bring more growth and resilience."
PEP Gateway director James Randall was delighted to partner with Navis to acquire Mainland Poultry, New Zealand’s largest supplier of eggs.
"Mainland has a strong market position, is vertically integrated with scale assets, and has a quality management team led by CEO John McKay. It is also well positioned for future growth following significant investments in its free range and barn capacity."
This acquisition will see PEP Gateway achieve a key milestone in managing more than $1 billion in funds under management while further strengthening its leading global position in the single-asset continuation vehicle market, with about 50 single asset CV and co-investment transactions completed since 2022.
—Allied Media
