Itoham Yonekyu acquires New Zealand meat group Greenlea

Japan's Itoham Yonekyu Holdings has expanded its beingness successful New Zealand's nutrient marketplace with the acquisition of beef supplier Greenlea Group.

Tokyo-headquartered Itoham said successful a connection the woody for family-owned Greenlea amounts to astir NZ$800m ($450.8m) and is taxable to regulatory approval.

Struck done Anzco Foods, different New Zealand nutrient processor owned by Itoham, the transaction is expected to beryllium finalised by the extremity of August.

Hamilton-based Greenlea, which different trades arsenic Greenlea Premier Meats, generated gross successful the twelvemonth done September 2024 of NZ$615m and nett net earlier taxation of NZ$59m, according to supplementary details provided by Itoham.

Greenlea operates 2 processing plants successful the Waikato portion for grass-fed New Zealand beef.

Itoham said the Greenlea acquisition is portion of its semipermanent 2035 strategy to "strengthen its overseas concern base".

It added that the "basic argumentation is to heighten its capableness to proviso carnal protein, which is indispensable arsenic a staple food, and to grow its planetary proviso capableness with a peculiar absorption connected the nutrient business".

The Japanese concern emphasised New Zealand's sustainability grounds and its lasting arsenic the "world's seventh-largest exporter of beef".

Itoham said successful the statement: "New Zealand is susceptible of producing beef successful a much sustainable mode compared with different beef-exporting countries. Leveraging its advantageous locations wrong New Zealand and the beardown relationships it has cultivated implicit galore years with section communities and producers, Greenlea has established a concern with precocious ratio and tin make assorted synergistic values with Anzco.

"Through this acquisition, Anzco is expected to go 1 of the astir profitable nutrient packers successful New Zealand, enabling the institution [Itoham] to further fortify its concern instauration successful the country."

Headquartered successful Christchurch and led by CEO Peter Conley, Anzco supplies beef and lamb.

In the twelvemonth done December, the concern generated NZ$2.1bn successful gross and NZ$104m successful EBITDA, according to the supplementary material.

Net nett earlier taxation was NZ$55m with a bottom-line effect of NZ$40m.

Itoham already owned 65% of Anzco earlier buying up the remaining shares successful 2018 from laminitis and president Sir Graeme Harrison and Japanese seafood radical Nippon Suisan Kaisha.

"Itoham Yonekyu acquires New Zealand nutrient radical Greenlea" was primitively created and published by Just Food, a GlobalData owned brand.