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.
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.
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