12 March 2009
Terra Firma, the leading private equity company, announces the acquisition of the Packer family’s 90 per cent interest in Consolidated Pastoral Company (CPC). The remaining 10 per cent will continue to be owned by the company’s chief executive, Ken Warriner.
CPC is Australia’s second largest beef producer with over 300,000 cattle and over 5 million hectares of land with holdings in Northern Territory, Western Australia and Queensland.
All regulatory approvals have been granted with completion expected to occur within a month.
Guy Hands, Chief Executive of Terra Firma, said:
“We are delighted to make this investment in such a vital industry for Australia and for its markets notably in Asia. We look forward to working with the management team and in partnership with the relevant state authorities to help meet their respective priorities including appropriate land development and stewardship. The long-term demand for beef and the competitiveness of CPC makes this an exciting investment opportunity for Terra Firma.”
Ken Warriner, Chief Executive of CPC, said:
“I am pleased to welcome Terra Firma on board. They have an excellent track record of investing in businesses for the long-term and are commited to the continued success of CPC.”
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