Australian meat processor Thomas Foods International has acquired Mondello Farms, a wholesaler of processed potatoes, for an undisclosed sum.

Troubled Mondello, which has operations in South Australia and Victoria, went into receivership in March citing falling potato prices and debts of more than A$40m (US$36.1m).

Heard Phillips was hired as administrator before McGrath Nicol was appointed receiver.

The company employs around 140 people, operates a processing packaging facility and is engaged in growing potatoes on owned and leased land, as well as sourcing from third-party growers.

Thomas Foods International was known as T&R Pastoral until March this year. The company says it has annual revenues of A$1.3bn and describes itself as “the nation’s largest lamb and mutton exporter” and “a major beef exporter” with 80% of its business to more than 80 export markets.