Terra Firma, a private equity company, has announced the acquisition of the Packer family’s 90 per cent interest in Australian agricultural firm Consolidated Pastoral Company.
Terra Firma, a private equity company, has announced the acquisition of the Packer family’s 90 per cent interest in Australian agricultural firm Consolidated Pastoral Company.
The remaining ten per cent will continue to be owned by the company’s chief executive, Ken Warriner.
CPC is Australia’s second largest beef producer with over 300,000 cattle and over 5 million hectares of land with holdings in Northern Territory, Western Australia and Queensland.
All regulatory approvals have been granted with completion expected to occur within a month.
Guy Hands, who has just announced that he will move from the post of chief executive of Terra Firma to chairman, says: ‘We are delighted to make this investment in such a vital industry for Australia and for its markets notably in Asia.
‘We look forward to working with the management team and in partnership with the relevant state authorities to help meet their respective priorities including appropriate land development and stewardship. The long-term demand for beef and the competitiveness of Consolidated Pastoral makes this an exciting investment opportunity for Terra Firma.’
Ken Warriner, chief executive of Consolidated Pastoral, says: ‘I am pleased to welcome Terra Firma on board. They have an excellent track record of investing in businesses for the long-term and are commited to the continued success of CPC.’
