Kyvalley Dairy Group has been revealed as the mystery buyer of embattled Australian dairy group Murray Goulburn’s Kiewa Country milk brand.
The Kyabram, Australia-based company purchased the brand and “certain associated milk processing and packaging assets” in July but its identity has been kept under wraps.
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A statement from Murray Goulburn said: “The commercial terms of the transaction are confidential and the transaction remains subject to completion”.
In a statement posted on Facebook, Kyvalley Dairy Group said the deal would “see an iconic brand remain not only in Australian hands but in Northern Victorian hands”.
The company added: “The acquisition supports regional growth across Northern Victoria and will provide us the opportunity to increase supply of fresh milk both domestically and internationally and a boost for the Australian dairy industry.”
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By GlobalDataThe cooperative revealed the approaches alongside the publication of its annual results, which included lower sales and an annual loss of more than AUD370.8m (US$293.4m) earlier this month.
In June, Murray Goulburn, trying to rebound from a problematic 2016, launched a “comprehensive” review it said would look at “all aspects” of its strategy and corporate structure. The move followed a previous review of the group’s manufacturing network, which resulted in plans to close three facilities.
Kyvalley Dairy Group is one of Australia’s largest family-owned dairy businesses supplying fresh milk products to the Asia Pacific region.
