Australian animal nutrition company Ridley Corporation Limited acquired New Zealand-based Oceania Meat Producers (OMP) for NZD$57 million ($35.6M/€32.5M).
The deal aims to leverage the animal nutrition company’s pet food capabilities. “The acquisition also significantly increases Ridley’s capacity to service the domestic and international pet food industry,” says CEO Quinton Hildebrand.
The company says that the acquisition, of which completion is set for March 2024, represents “a key milestone” in the delivery of its 2023 to 2025 financial year growth plan.
Achievements
The Packaged Feeds and Ingredients segment of Ridley’s business, which includes pet food, witnessed an increase in its EBITDA from AU$58 million ($39.2M/€35.6M) in 2022 to AU$65.8 million ($44.47M/€40.4M) in 2023.
Australia Independent Rural Retailers awarded Ridley the Supplier of the Year Award. The company also placed 172 out of the top 500 private Australian businesses.
OMP was established in 2002 and is considered a leading supplier of premium meat products to the global pet food industry. It operates across its homeland of New Zealand, Australia and North America.
The latest articles
CULT Food starts cultivated pet food regulatory race in the US
A subsidiary of the Canadian cell-based firm is to file a feeding trial to seek approval to sell the product in the country.
Purina witnessing a deceleration, admits Nestlé’s CFO
The multinational’s pet portfolio increased sales in the first half of 2024. GlobalPETS dives into the latest earnings.
American biotech companies receive $36 million in investments
California-based NovoNutrients and Digestiva to scale their footprints in alternative protein.
Weekly newsletter to stay up-to-date
Discover what’s happening in the pet industry. Get the must-read stories and insights in your inbox.