Tegel expected to list on ASX and NZX

Posted by AFN Staff Writers on 16th March 2016

Stock MarketNew Zealand poultry producer Tegel is predicted to soon list on the New Zealand Exchange and the Australian Securities Exchange.

Tegel producers both chicken and turkey products and has four major processing facilities located across New Zealand. The company was acquired by private equity firm Affinity Equity Partners in 2011 who tried to sell Tegel in 2015.

With no buyer was found Tegel is now being presented to fund managers as an investment opportunity.

DataRoom reported that Tegel is estimated by Deutsche analysts to be valued  AUD$556.43 million and NZ$623.77 million.

Goldman Sachs has valued the company between AUD$556.43 million and NZ$699.97 million.

Tegel’s earnings are projected to grow by 22 per cent by 30 June 2016 and by 13 in the following financial year ending the 30 June 2017.

Prior to Affinity Equity Partners’ acquisition in 2011, Tegel was acquired by Pacific Equity Partners from Heinz in 2005. The company employs approximately 1, 700 people.

Tegel’s product range includes processed meats like turkey slices, sausages, fresh and frozen chickens and pre-pared meats including kebabs. Its products are available for purchase across New Zealand, including in the Woolworths group’s New Zealand Countdown supermarkets.

The company occupies a substantial part of the Australian market for its packaged poultry products.