Japan’s Itoham Yonekyu Holdings has expanded its presence in New Zealand’s meat market with the acquisition of beef supplier Greenlea Group. <\/p>\n
Tokyo-headquartered Itoham said in a statement the deal for family-owned Greenlea amounts to around NZ$800m ($450.8m) and is subject to regulatory approval. <\/p>\n
Struck through Anzco Foods, another New Zealand meat processor owned by Itoham, the transaction is expected to be finalised by the end of August. <\/p>\n
Hamilton-based Greenlea, which otherwise trades as Greenlea Premier Meats, generated revenue in the year through September 2024 of NZ$615m and net profit before tax of NZ$59m, according to supplementary details provided by Itoham. <\/p>\n
Greenlea operates two processing plants in the Waikato region for grass-fed New Zealand beef. <\/p>\n
Itoham said the Greenlea acquisition is part of its long-term 2035 strategy to “strengthen its overseas business base”. <\/p>\n
It added that the “basic policy is to enhance its capability to supply animal protein, which is essential as a staple food, and to expand its global supply capacity with a particular focus on the meat business”. <\/p>\n
The Japanese business emphasised New Zealand’s sustainability record and its standing as the “world’s seventh-largest exporter of beef”. <\/p>\n
Itoham said in the statement: “New Zealand is capable of producing beef in a more sustainable manner compared with other beef-exporting countries. Leveraging its advantageous locations within New Zealand and the strong relationships it has cultivated over many years with local communities and producers, Greenlea has established a business with high efficiency and can create various synergistic values with Anzco. <\/p>\n
“Through this acquisition, Anzco is expected to become one of the most profitable meat packers in New Zealand, enabling the company [Itoham] to further strengthen its business foundation in the country.” <\/p>\n
Headquartered in Christchurch and led by CEO Peter Conley, Anzco supplies beef and lamb. <\/p>\n
In the year through December, the business generated NZ$2.1bn in revenue and NZ$104m in EBITDA, according to the supplementary material. <\/p>\n
Net profit before tax was NZ$55m with a bottom-line result of NZ$40m. <\/p>\n
Itoham already owned 65% of Anzco before buying up the remaining shares in 2018 from founder and chairman Sir Graeme Harrison and Japanese seafood group Nippon Suisan Kaisha. <\/p>\n