SALIC, Minerva Foods acquire Australia's ALC for SAR 970 mln

SALIC headquarters

The Saudi Agricultural and Livestock Investment Co. (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF), and Brazil’s Minerva Foods Co., announced completing the acquisition of Australian Lamb Co. (ALC) for SAR 970 million (400 million Australian dollars).

The deal was carried out through Minerva Foods Australia that was established in 2021, through a strategic partnership between SALIC and Minerva Foods.

Australian Lamb is one of the biggest meat producers in Australia. It manages two factories for the production of lamb meat in Victoria, with a slaughtering capacity of 3.78 million animals per annum, or 100,000 tons of meat annually. The company markets and distributes its products to 70 countries around the world.

SALIC owns 30.6% of Minerva Foods' capital. Minerva Foods operates 27 skinning and processing factories around the world and exports red meat to 100 countries, including Saudi Arabia. It was listed on the Brazilian stock market in 2007.