Kilcoy Global Foods has set out plans for an IPO in New York, with the Australia-based meat group eyeing growing demand for protein products in the US and in Asia.
Operating across Australia, the US and China, the investor-backed Aussie group supplies “fresh, natural, healthy and convenient” meat products to customers in over 40 countries.
Its protein-focused portfolio includes brands like Kilcoy Diamond, Ebony Black Angus, Carrara Wagyu, Jade Pure Wagyu, Kilcoy Nutrition, Hardwicks Lamb & Beef, Ruprecht, and TruVida.
Kilcoy said in a filing with the US Securities and Exchange Commission that it intends to use the IPO proceeds for "potential strategic investments and acquisitions", capacity growth, digital transformation and automation, and general corporate purposes.
Queensland-based Kilcoy is seeking to list its American depositary shares on the Nasdaq stock exchange under the ticker symbol KGF. It is currently backed by China-based private-equity firm Hosen Capital.
Citigroup and Morgan Stanley have been appointed as underwriters for the offering.
With eight facilities spread across Australia, the US and China, Kilcoy operates in those markets along with Japan and South Korea.
For the year ended 31 December, the company posted revenue of $2.19bn, marking a 17.3% increase from the previous year, as stated in the regulatory filing dated 16 June.
EBITDA rose 43.5% to $137.7m, while net income jumped 74% to $60.4m.
For the first quarter of 2025, revenue rose 5.8% to $514.2m. EBITDA almost doubled to $27.3m from $13.8m. Net income soared from $51,000 to $6.8m.
Kilcoy has expanded through a number of acquisitions.
Ruprecht Co. in the US was bought in 2014 and then Weidao Foods in China the following year. In 2019, Greenswift, also in China, was added to the group.
In Australia, grass-fed beef processor Hardwicks was acquired in 2021 and KGF purchased another facility in Lance Creek, Victoria, the next year.
Last October, Kilcoy expanded its operations by acquiring an Australian burger factory owned by US meat giant Tyson Foods.
