Major chicken meat producer Hazeldenes has been sold to private equity firm BGH Capital.

Key points:

  • Major chicken meat producer Hazeledenes has been sold to BGH Capital
  • The Hazeldene family has retained a stake in the business
  • The sale involves more than $200 million in assets

Hazeldenes is based at Lockwood in central Victoria and is one of the five largest chicken producers in Australia.

The business has been on the market for most of the year and numerous potential buyers have been touted including other investment groups and chicken meat giant Inghams.

Both Hazeldenes and BGH Capital have declined interviews, but Hazeldenes has released a statement announcing the sale.

Chief executive Mark Heintz said BGH Capital would take a majority stake in the business and the Hazeldene family would retain a stake.

“When we embarked on this process, we were determined to achieve five key principles — what was best for the staff, our valued customers, our significant farming operations, our community and a seamless transition of shareholders,” he said.

“It’s pleasing to announce that we have been able to strongly achieve these outcomes.”

Mr Heintz said the transaction would be finalised in coming weeks.

Hazeldenes was marketed by PwC Securities, which back in May released a six-point sales pitch, according to AFR.

It told potential investors that Hazeldenes recorded more than $300 million in revenue in the past financial year, and sold more than 75 million kilograms of chicken.

It said the business held more than $200 million in property assets including 11 breeder farms, 38 broiler farms, a hatchery, and a processing plant.

According to its website, the Hazeldene story began in 1938 when Jack Hazeldene left Bendigo to pilot Wellington bombers during World War II, leaving the task of caring for his 200 fowls to his 10-year-old brother, Dick.

Jack was killed in the war and over the next 70 years, Dick turned those 200 fowls into a multi-million-dollar business. 

Chicken meat producer Hazeldenes sold to private equity firm
Source:
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