Ingham’s announced its intent to acquire 100% of the Bostock Brothers organic chicken business in New Zealand.
The transaction is valued at NZ$35.5 million (US$21.94) and includes the Bostock Brothers brand, three free-hold farming properties and the primary processing plant, located in Hastings, on the North Island.
According to a press release from Ingham’s, which has operations in both Australia and New Zealand, Bostock Brothers is the only certified producer of poultry in New Zealand.
“The addition of the highly regarded premium Bostock brand and team strongly aligns with our objective to establish Ingham’s as the leading premium operator in the market,” said Edward Alexander, chief executive, Ingham’s New Zealand.
Other planned benefits of the transaction the company mentioned is that Bostock Brothers’ vertically integrated supply chain can enhance Ingham’s operational resilience, and it also gives Ingham’s the opportunity to leverage established high-value export channels to expand the company’s reach into new geographic markets and customer segments.
“With the strong recovery in operational and financial performance of our New Zealand business, this acquisition represents a unique opportunity to further enhance our capabilities, extend our range and advance our plans for the business,” said Ingham’s CEO and Managing Director Andrew Reeves.
Bostock Brothers earlier this year was highlighted in a WATTPoultry.com blog for treating its chickens to a lives symphony performance at one of its farms.
Presuming the planned acquisition meets all of the regulatory approvals, the transaction is expected to be completed by the end of September 2024. The company said the transaction will be fully funded from existing debt facilities.
