U.S. private equity firm TPG Capital has purchased the assets of Australia’s largest poultry firm Ingham Enterprises.
Bob Ingham, the sole shareholder of the company, confirmed the sale in a statement on March 9, Reuter’s reported, but he did not disclose the amount it sold for. TPG beat several other bidders in the auction to acquire the Ingham assets, with U.S. private equity firm Blackstone Group LP believed to have been a leading contender. Other possible bidders named included Chinese agribusiness giant New Hope and New Zealand’s Affinity Equity Partners.
Bob Ingham, sole shareholder of the company that owns the Ingham Chicken brand, put the poultry producer up for sale in July 2012. Ingham Enterprises was advised by Investec Bank and TPG was advised by Macquarie Capital.
Ingham said he does not anticipate the business will change much under the new ownership.
"An important part of the decision for me was finding a buyer who would ensure that our customers will continue to receive the highest level of service and our employees would be well looked after," Bob Ingham said.
Inghams has been one of Australia’s most successful privately owned businesses. It was founded in 1918 by Bob Ingham’s father, who set up a small chicken farm in bush land on Sydney’s western fringe. Bob Ingham and his late brother Jack inherited the business in 1953, when the farm had 650 pigs and 30,000 birds.
Bob Ingham, the sole shareholder of the company, confirmed the sale in a statement on March 9, Reuter’s reported, but he did not disclose the amount it sold for. TPG beat several other bidders in the auction to acquire the Ingham assets, with U.S. private equity firm Blackstone Group LP believed to have been a leading contender. Other possible bidders named included Chinese agribusiness giant New Hope and New Zealand’s Affinity Equity Partners.
Bob Ingham, sole shareholder of the company that owns the Ingham Chicken brand, put the poultry producer up for sale in July 2012. Ingham Enterprises was advised by Investec Bank and TPG was advised by Macquarie Capital.
Ingham said he does not anticipate the business will change much under the new ownership.
"An important part of the decision for me was finding a buyer who would ensure that our customers will continue to receive the highest level of service and our employees would be well looked after," Bob Ingham said.
Inghams has been one of Australia’s most successful privately owned businesses. It was founded in 1918 by Bob Ingham’s father, who set up a small chicken farm in bush land on Sydney’s western fringe. Bob Ingham and his late brother Jack inherited the business in 1953, when the farm had 650 pigs and 30,000 birds.
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