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Brazils JBS snags Primo Smallgoods for $1.45b

PRINT EDITION: 21 Nov 2014
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Western Sydney Wanderers owner Paul Lederer and private equity firm Affinity have sold ham, bacon and
smallgoods producer Primo Smallgoods to Brazilian food giant JBS for $1.45 billion.
Michael Smith
Western Sydney Wanderers owner Paul Lederer and private equity firm Affinity have sold ham, bacon and
smallgoods producer Primo Smallgoods to Brazilian food giant JBS for $1.45 billion.
Mr Lederers family owns a 30 per cent stake in Primo, which they co-founded. Hong Kong-based Affinity owns
the remaining 70.1 per cent which it acquired in 2011, valuing the company at $740 million at the time.
Mr Lederer and his family were number 73 on this years BRW Rich List with a fortune estimated at $635 million.
The business has been sold to JBS Australia which is owned by JBS.
The sale is the latest in a string of Australian food and beverage companies being snapped up by foreign buyers.
Treasury Wine Estate, makers of Penfolds, rejected a $3 billion private equity bid from US private equity giant
Kohlberg Kravis Roberts earlier this year. A consortium of Asian investors have made a $1.4 billion bid for
Godoman Fielder and Canadian dairy group won a takeover battle for Warrnambool Cheese and Butter in January.
The Australian Financial Review

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Topics Mergers & Acquisitions, Consumer Goods & Services/Food & Drink, Consumer Goods & Services/Food
& Wine