Meat processing giant JBS has announced it has signed an agreement to acquire Australian pork producer Rivalea, for an enterprise value of A$175 million (€111.3 million).
The group is acquiring the business, comprising Rivalea Holdings Pty Ltd and Oxdale Dairy Enterprise Pty Ltd, from Singapore-based food company QAF Limited.
Rivalea is responsible for 26% of the hogs processed in Australia, and boasts an 'extensive product line in various categories', JBS said in a statement.
Through the acquisition, JBS, which recently navigated through a major cybersecurity attack, will seek to increase its product diversification in Australia, as well as boost volumes of value added pork products within its Primo business.
“With the acquisition of Rivalea, JBS becomes a leader in pork processing in Australia," commented JBS Global CEO Gilberto Tomazoni. "We will add important brands to our portfolio to create strong conditions to accelerate the growth of the value-added and branded businesses in the country, in addition to strengthening our export platform."
Rivalea boasts total annual sales of around A$400 million (€254 million), as well as operating two production facilities and employing approximately 1,000 workers.
"The company sells well-known Australian consumer brands such as Riverview Farms, Family Chef and St. Bernard's that will strengthen our presence with consumers and customers,” said Brent Eastwood, CEO of JBS Australia.
The acquisition is subject to relevant regulatory approvals including the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB), both in Australia.