One of Australia’s largest privately owned cattle companies has been sold for $500million to a British investor.
Consolidated Pastoral Company, which has 300,000 cattle and nine pastoral lands across the Northern Territory and Queensland, was scooped up by multi-millionaire Guy Hands.
Mr Hands founded private equity firm Terra Firma, which bought CPC from billionaire businessman James Packer in 2009.
The company later decided to sell part of CPC and it hawked off nine of its cattle properties for $310 million to a mix of foreign and homegrown buyers between 2018 and 2019.
Consolidated Pastoral Company (pictured, CEO Troy Setter), which has 300,000 cattle and nine pastoral lands across the Northern Territory and Queensland, was scooped up by multi-millionaire Guy Hands
Guy Hands (pictured) founded private equity firm Terra Firma, which bought CPC from billionaire businessman James Packer in 2009
Mr Hands led a consortium to buy out the remainder of CPC from his own firm in deal first flagged in October 2019, ABC reported.
The deal has now been finalised and includes ownership of CPC management, 3.2 million hectares of land and a 90 per cent stake in a feedlot business in Indonesia on top of the 300,000 cattle.
‘CPC is a high-quality, well-run business with a strong position in a large and growing industry and close proximity to major beef-consuming markets,’ Mr Hands said.
‘Even in Australia, where beef-industry standards are among the highest in the world, CPC stands apart for its commitment to protecting the environment, animal welfare, investing in people, good relations with Indonesia, and innovation.’
CPC’s chief executive Troy Setter reassured it would be business as usual following the takeover.
‘We are very focussed on continuing to increase branding rates; increase the kilos of beef produced per animal, per hectare, per property; keeping a strong focus on animal welfare and the environment,’ Mr Setter said.
‘But also the development of the team and the people at CPC is really important to the Hands family and also to CPC.’
CPC has properties across the Northern Territory and Queensland including Bunda, Dungowan, Wrotham Park, Allawah, and Isis Downs.
Its property at Newcastle Waters, in the Northern Territory, has been flagged by renewable energy giant Sun Cable as the ideal spot to build the world’s largest solar farm.
The project would cost $20 billion and span 10,000 hectares.
CPC has properties across the Northern Territory and Queensland including Bunda, Dungowan, Wrotham Park, Allawah, and Isis Downs