Milk processor Australian Fresh Milk Holdings (AFMH) has added to its capacity with the purchase of local dairy farm business Torrumbarry Aggregation.
The deal, announced in a filing with the Australian Securities Exchange (ASX) by the country’s Freedom Foods Group – which has a 10% stake in AFMH – brings under the processor’s umbrella 3,500 hectares of land on the Murray River in Northern Victoria.
While the overall sum paid by AFMH has not been disclosed, Freedom Foods informed the ASX it had contributed AUD4m (US$2.7m) in equity funding as part of the purchase.
Freedom Foods said in a statement to the stock exchange that, with this acquisition, AFMH has become the largest dairy processor in Australia and is expected to produce 190 million litres of milk into 2021.
AFMH currently has two dairy farms, Moxey Farms and Coomboona Farms.
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“The purchase of the Torrumbarry Aggregation supports the accelerated growth plans at Moxey Farms and Coomboona Farms, providing the opportunity to support the development of a scaled young stock operation to support increased capacity in milking cows,” according to Freedom Foods.
AFMH is a strategic partnership owned by the Moxey and Perich families and other shareholders, including Freedom Foods.
