There’s a new protein-rich business headed to the auction block.
Street Talk can reveal that Asian buyout firm Navis Capital is preparing its Kiwi egg producer Mainland Poultry for sale via Luminis Partners. The business pulls in $NZ45 million ($42 million) on the earnings line and has just done a sale and leaseback of its properties.
The early read is that a 10-times earnings multiple is achievable, going off recent deals in the sector. Think Cooke Inc’s takeover of seafood business Tassal.
Over in listed markets, it was largely a happy day for fund managers as Origin Energy and Inghams delivered better-than-expected results. But at Whitehaven Coal, its mystery disgruntled investor was continuing to campaign against its bid for BHP’s coal mines. We’ve got our hands on the latest letter.
Listed microcaps Noble Helium and Cygnus Metals were among a small group of Thursday’s raising candidates, as the reporting season stifled larger deals.
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