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Friday, April 10, 2015
JBS finalizes purchase of Australia’s Primo Group
Brazilian meat and poultry company JBS has finalized its purchase of Australia’s Primo Group, the company said in a March 30 filing.
The transaction had earlier in March been approved by Australia's Foreign Investment Review Board (FIRB). With the acquisition finalized, Primo Group, a leading producer of ham, bacon, pork, and continental smallgoods in Australia, will become a part of the JBS Australian subsidiary JBS Smallgoods HoldCo Australia Pty. Ltd. The transaction was valued at US$1.125 billion, according to a Reuters report.
Established in 1985, Primo Group has a portfolio of well recognized and highly regarded brands including Primo Smallgoods, Hans, Beehive, Hunter Valley Quality Meats and Primo Quality Meats. The business currently employs in excess of 4,000 employees and operates from five manufacturing plants, seven distribution centers and 30 retail shops.
JBS announced its intent to purchase Primo Group in November 2014. At the same time the Brazilian-based meat and poultry company also revealed its plans to acquire Big Frango for an estimated BRL430 million (US$165.8 million).
The Big Frango Group is one of the largest groups in the poultry sector in the Southern region of Brazil, with more than 49 years of experience and a processing capacity of 460 thousand birds per day in two processing facilities.