The private equity company, TPG Capital, has bought the chicken business of Ingham Enterprises for a reported $880 million, according to The Australian Financial Review.
Although the new owner is planning to shift the company’s product range upmarket, with high-margin free-range chicken, the current chief, Terry McBain will keep his job.
The deal – in which the Ingham family retains its racing business – values the chicken business at $1 billion, the stated value in the view of its owner, Bob Ingham, who built the business with his late brother, Jack, after inheriting it as a backyard operation from their father.
Bob Ingham’s personal fortune is estimated at $1.5 billion by BRW magazine. The company’s forecast profit for the 2012-13 year will be $210 million. It produces one in every three chickens sold in Australia.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.