March 15, 2024


Inghams seeks to acquire organic chicken business in New Zealand




Inghams Group Limited announced on March 7 its intention to acquire the Bostock Brothers (BBL) organic chicken business in New Zealand for NZ$35.3 million (approximately US$21.8 million).


The company plans to acquire 100% of the shares in BBL, including the brand with respect to poultry products, three freehold farming properties and the primary processing plant.


Established in 2014, BBL is a certified organic producer of poultry in New Zealand with its operations located in Hastings, on the central east coast of the North Island, approximately four hours from Inghams' Waitoa operations.


Inghams chief executive officer and managing director Andrew Reeves said: "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."


Commenting on the acquisition, Edward Alexander, Inghams' chief executive (New Zealand), said: "The addition of the highly regarded premium Bostock brand and team strongly aligns with our objective to establish Inghams as the leading premium operator in the market."


BBL has a strong brand recognition in New Zealand and a vertically integrated supply chain, which will help to enhance Inghams' operational resilience, providing contingency and additional capacity to support future growth initiatives.


The acquisition will also provide the opportunity to leverage high-value export channels to expand Inghams' reach into new geographic markets and customer segments.


Fully funded from existing debt facilities, the acquisition is contingent upon the satisfaction of conditions, including with respect to the Commerce Commission and Overseas Investment Office.


The completion of the acquisition is expected by end September 2024.

- Food Processing

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