Double hit for Minerva Foods. The South American meat operator announced two acquisitions. Both located in Australia, as Minerva acquired two abattoirs on the Western coast, specialized in ovine meat: Sharke Lake and Great Eastern Abattoir. Overall, the South American company will invest 35 million USD in these operations.
Double hit for Minerva Foods
Minerva Foods announced the operations in Australia and then started the various activities required to join the two enterprises, given their location and focus on ovine. The new enterprise, created from Sharke Lake and Great Eastern Abattoir, will be crafted via joint venture between Minerva Foods and SALIC, according to an official statement. Minerva will own 65% of the newco, will the remaining 35% will be held by SALIC.
The acquisition includes assets, investments to renew the machinery and any liquidity held by the two businesses. “The expectation – explains Minerva -, is that the sites will be operational in 60 days, right after the go-ahead from local regulators. Once fully functioning, they will manage to work through one million units a year”. As of today, reports the South American company, Australia is the largest exported of ovine products, also thanks to the access to high-growth markets such as Asia and the Middle East, but also premium ones such as USA, Europe, Japan and South Korea.