JBS officially acquires Rivalea
JBS Australia has completed its acquisition of 100 per cent of Rivalea Holdings Pty from Singapore listed food company QAF Limited.
As the nation’s biggest piggery operator and pig meat processor, Rivalea employs more than 1,200 people across NSW and Victoria including the abattoir outside of Corowa and is a majority shareholder in Diamond Valley Pork in Melbourne.
JBS Australia purchased Rivalea for an enterprise value of AU$175 million.
JBS now officially owns Rivalea after receiving the required regulatory approvals from the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB).
Rivalea Holdings owns two subsidiaries incorporated in Australia namely, Rivalea (Australia) Pty Ltd and is a majority shareholder in Diamond Valley Pork Pty Ltd (DVP).
JBS Australia CEO Brent Eastwood said he was excited to welcome Rivalea to the JBS group.
“Rivalea is a crucial part of Australia’s pork supply chain and we believe we can work together to create an improved and more efficient pork processing business for Rivalea customers, by using JBS’s experience as a major meat and food processor,” Mr Eastwood.
“We look forward to working alongside Rivalea CEO Mick Hewat and the entire Rivalea team, to continue to support high quality pork production for the Australian domestic and international export markets.
“JBS is proud to say we will be the last owner of Rivalea. JBS has a long and proud history of supporting and growing its Australian and New Zealand businesses over the long-term, investing heavily in its local operations and domestic brands, while at the same time providing employment opportunities and supporting the regional economies in which we operate. We will employ this same locally-minded approach at Rivalea.”
JBS will continue to provide kill services at DVP for customers and also grow the customer base and have provided this assurance directly to all DVP customers in writing, to local pork groups including the Victorian Farmers Federation and to the ACCC.
“Rivalea is a leader in the Australian pork sector with a strong team and track record of sustainable pork production,” Mr Eastwood said.
“JBS Australia is committed to building on these strong foundations and growing the business through new opportunities for Australian grown pork. We look forward to working closely with Rivalea’s management and workforce, existing customers, suppliers and contractors, to achieve this.”