ANZCO-Greenlea agreement signals next chapter in growing value for New Zealand farmers

New Zealand meat processors ANZCO Foods and Greenlea Group today announced they had entered into an agreement for ANZCO to purchase 100% of the shares in Greenlea Group, which includes Greenlea Premier Meats and Greenlea’s interest in the Waitoa Estate and its associated businesses.

The proposed transaction, which is subject to customary conditions including Commerce Commission and Overseas Investment Office approval, would bring together two prominent red meat processors with highly complementary geographic footprints and operations – creating a larger, more resilient, and more diversified red meat business that combines the best of both businesses, focused on creating more value for New Zealand farmers on the world stage.

Peter Conley, ANZCO Foods Chief Executive, says “Greenlea is a successful, well-run business that we’ve admired for a long time. If the transaction is approved, we will combine our strengths and operate Greenlea unchanged as a standalone entity, to ensure a smooth transition following deal completion. This approach provides continuity and certainty for Greenlea’s staff, farmers and customers while we explore the future opportunities for the growth of the combined business.

“There is strong strategic and operational alignment between the two businesses, with complementary products, export markets and operating footprints across New Zealand, and we’re looking forward to working with and supporting the Greenlea team and farmers to continue supplying premium quality red meat products to key customers in New Zealand and globally.”

Greenlea Premier Meats Managing Director Tony Egan says the proposed sale is about securing the Greenlea legacy and finding the right buyer at the right time as the family-owned business shaped its succession plan.

“Greenlea has a long and proud history in the meat industry as a successful business that has been built over more than 30 years. Securing the business’ long-term success and growth has been a key priority in succession planning. We have carefully considered a range of options that explored the best outcomes for Greenlea’s team, farmers and customers.

“ANZCO is a trusted entity with a long track-record of investing in its businesses and in New Zealand, and it is the right partner to take the business forward. ANZCO shares a similar operational culture, values and respect for people, farmers and local communities, and brings the right complementary, strategic and operational capability that will create future growth for our team and our farmers. Importantly, the Greenlea brand will remain, and the Greenlea Foundation Trust will continue its important community support work.”

Tony Egan will continue to be involved in the business as an advisor and will be on the Greenlea board.

If approved, ANZCO has confirmed it intends to run Greenlea as a standalone entity, maintaining the Greenlea brand and existing agreements with employees, farmers and customers.

Peter Conley says that this will include exploring the strengths and growth opportunities for both businesses. “Greenlea brings knowledge in areas that ANZCO can learn and grow from, with an operating footprint predominantly based in the northern half of the North Island, and ANZCO, with its South Island and lower North Island focus, will bring capability and strengths in areas that will support Greenlea’s growth, particularly in value-add processing. If the transaction is approved, we will take our time with the integration process to ensure we successfully transition and maximise the strengths for both businesses.”

Conley said the combined business would bring increased continuity of supply to customers, and farmers supplying both businesses would see value from expanded international market access.

The proposed transaction remains subject to standard conditions including regulatory approvals (OIO, Commerce Commission). The companies will provide further updates when the regulatory approval process has concluded.

Greenlea Premier Meats managing director Tony Egan and ANZCO Foods chief executive Peter Conley