Friday 8th March 2019
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Agribusiness group Scales Corp said Alliance Group will pay $15 million for a 50 percent stake in its Meateor business and operations, creating a petfood joint venture.
"This venture is about developing New Zealand as the premier supplier of petfood proteins. We think the venture provides a number of benefits to the entire New Zealand petfood-supply industry, including as an avenue for the industry to improve scale," said managing director Andy Borland.
The joint venture "extends Alliance's downstream reach, allows Alliance to become vertically integrated and ensures we have an end-to-end connection with the market," Alliance chief executive David Surveyor said.
The implied valuation for Meateor’s New Zealand business is $30 million and settlement is scheduled for this month.
Meateor Foods processes and markets meat and other ingredients from New Zealand and Australia to the pet food industry worldwide with more than 19,000 metric tonnes exported each year, according to Scales.
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