RIYADH, SAUDI ARABIA – The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund, and Minerva Foods announce the acquisition of 100 percent of issued shares in the Australian Lamb Company (ALC), for US$258 million (SAR 970 million).
The acquisition was done through Minerva Foods Australia, a joint venture established last year between SALIC and Minerva in Australia.
As one of the largest meat producers in Australia, ALC operates two processing facilities in Victoria State, with a capacity to process up to 3.78 million heads annually.
This is equivalent to around 100 thousand ton of lamb and sheep meat, serving the domestic market with high quality products, and exporting to more than 70 countries around the world.
Sulaiman Al-Rumaih, CEO of SALIC Group, said that the acquisition of ALC in partnership with Minerva Foods is in-line with SALIC’s strategy to contribute to the national food security objectives through global diversified investments in countries with competitive advantage.
One such country is Australia, which accounts for 42 percent of global red meat exports.
Sheep meat represents 49 percent of red meat consumption in the Kingdom of Saudi Arabia.
Al-Rumaih added that the acquisition is another successful expansion in Australia, following the purchase of Merredin Farms in 2018 and the establishment of Minerva Foods Australia in partnership with Minerva Foods in 2021 which own and operates two processing facilities in Western Australia.
SALIC owns 30.55 percent of the share capital of Minerva Foods, which operates over 27 slaughterhouses globally and exports red meat to more than 100 countries around the world, including the Saudi market.