Private equity group Pacific Equity Partners is reportedly poised to sell up to 35% of poultry processor Tegel Foods to a managment-led consortium.
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Local reports in New Zealand said a consortium comprising management at the company and the ANZ Bank’s private equity arm would buy between 30-35% of the business.
Tegel, which Pacific Equity bought from Heinz in 2005 for around NZ$300m (US$226.4m), is New Zealand’s largest poultry processor.
The company booked operating revenues for the year to 29 April of $401.8m and net income of $9.8m.
