Ingham’s, Oceana’s largest producer of poultry, entered into an agreement for the conditional purchase of the poultry meat business and assets of New Zealand’s Bromley Park Hatcheries (BPH).
The companies entered into the agreement on February 17, in which the publicly traded Ingham's would acquire those assets for NZ$8.6 million (US$5.34 million), with a third-party lessor to acquire land and facilities and enter into a long-term lease with Ingham’s.
The proposed deal was announced in Ingham’s FY2023 First Half Interim Results Announcement, released on the same day the agreement was reached.
BPH owns and operates a modern hatchery and a number of breeder farms in New Zealand. A family-owned business, its origins date back to 1920 when Leslie Batkin started with a small number of pure breeds, from which he developed his own commercial layer lines, according to information on the BPH website.
The two companies already have a working relationship, as Ingham’s has depended on BPH as a third-party supplier of day-old chicks (DOC).
The acquisition of BPH will give Ingham’s the opportunity to become self-sufficient in meeting its DOC requirements, and also reduce network risk, improve hatchery contingency and position it for further growth, the company stated.
According to the Ingham’s announcement, the final purchase price is subject to working capital adjustments at the date of completion. The transaction is expected to be finalized in the first quarter of fiscal year 2024 after approval from the Commerce Commission and Overseas Investment Office and other requirements are met.
Headquartered in Liverpool, Australia, Ingham’s operates more than 340 vertically integrated facilities across Australia and New Zealand. According to the WATTpouoltry.com Top Poultry Companies survey, it slaughtered 222.5 million broilers in 2021. The company is also involved in turkey production and it produces feed for poultry, horses, dairy cattle and pigs.
