March 14, 2009

UK equity firm buys Australian beef producer

British private equity firm Terra Firma, has purchased Consolidated Pastoral Company (CPC), the second-largest beef producer in Australia.

CPC has more than 300,000 cattle and more than 5 million hectares of land, with holdings in Northern Territory, Western Australia and Queensland.

The long-term demand for beef and competitiveness of CPC makes it an excellent investment opportunity for Terra Firma, according to the equity firm's CEO Guy Hands.

The deal is valued at around A$425 million (US$279.3 million) and partly-debt financed by Rabobank, the Financial Times said.