Australian poultry producer Hazeldene’s reportedly plans to sell a majority stake to Melbourne-based private-equity firm BGH Capital.
While neither of the two companies responded to Just Food’s request for confirmation and comment on the proceedings, ABC News referenced a statement from Hazeldene’s CEO Mark Heintz, acknowledging the family-owned business would retain a share.
Hazeldene’s, based in Lockwood, Victoria, had reportedly been on the market for some months, with one publication suggesting PwC Securities had been hired to oversee the process, noting the fresh and frozen poultry business posted revenue of AUD200m (US$147.1m) last year.
“When we embarked on this process we were determined to achieve five key principles – what was best for the staff, our valued customers, our significant farming operations, our community and a seamless transition of shareholders. It’s pleasing to announce that we have been able to strongly achieve these outcomes,” Heintz was cited as saying by ABC.
Hazeldene’s, which dates back to 1938, supplies branded and private-label poultry products, according to its website. Branded lines are available in Coles and IGA. Meanwhile, Coles and IGA also sell the firm’s own-label chicken, along with Woolworths and discounter Aldi, as well as butchers and independents.
BGH Capital was founded in 2017 by Robin Bishop, Ben Gray and Simon Harle and is focused on the Australian and New Zealand markets, according to the investor’s website.