Australian poultry giant sold for $880mln
Global private equity firm TPG has won the bid for Australia's largest poultry producer, Inghams Enterprises in a bid worth $880 million.
Inghams, which employs more than 8,000 people across Australia and New Zealand, was started in 1918 by Wlater Ingham, from a piece of bushland in the southwest of Sydney with just a rooster and six hens. After 94 years in the hands of the Ingham family, the chicken empire has been bought by the global equity firm whose other investments in Australia include energy group Alinta and Healthscope.
TPG outbid rivals including Blackstone, Affinity and Chinese agribusiness company New Hope.
Ingham patriarch Bob Ingham Ingham, the sole shareholder in Ingham Enterprises, said in a statement that he was excited to "see the business embarking on its next stage of growth under the ownership of TPG".
Ingham chief executive Kevin McBain will continue to have control over the day-to-day operations of the poultry company, whose assets include factories, farms and a distribution network. Inghams and fellow supplier Baiada control more than 70% of the Australian chicken market between them.
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