WA’s Brownes Dairy acquired by Chinese investors
A consortium of Chinese investors has acquired well-known Western Australian dairy company, Brownes Dairy.
The acquisition price has not been made public.
Brownes Dairy, which produces a number of WA sold milk and dairy products, has been acquired by Australia Zhiran Co. from funds managed by Archer capital. Australia Zhiran Co is backed by a consortium of Chinese investors including dairy operator Shanghai Ground Food Tech Co.
In a statement, Brownes said it will still “remain an integral part of the WA dairy industry for generations to come, while creating access to emerging overseas markets and the potential for new product development”.
Brownes further stated that the consortium was “highly attracted to the Brownes Dairy business and operations, its heritage and long history” along with WA’s geographic location to Asia.
Brownes Managing Director, Tony Girgis, said the acquisition was a defining moment for the future of WA’s dairy industry.
“As it has done for 130 years, Brownes will remain an important part of the WA community and continue to contribute to the sustainability of the local dairy industry,” Girgis said.
“This deal is a significant step in positioning Brownes for growth well into the future and we are excited at the opportunities offered to the business, our suppliers, employees and consumers.”
Archer Capital partner, Jeffrey Lim, said a deal was reached largely due to Browne’s strong market position in WA.
“Integral to the final outcome was finding a buyer with proven industry experience and a record of operating and growing similar business,” Lim said.
In 2010, New Zealand dairy giant, Fonterra, sold Brownes Dairy to DairyWest, owned by Archer Capital.
When owned by Fonterra, Peters Ice Cream sold in WA was part of Brownes Dairy. Fonterra however sold the rights to Peters in WA prior to selling Brownes Dairy to DairyWest.
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