Bob Ingham announced Saturday that TPG Capital, a private equity firm, won the bidding for the acquisition of Ingham Enterprises, Australia's largest poultry firm. Ingham did not confirm how much TPG will be paying out but word is the deal is at approximately Aus$1 billion or US$1.02 billion. It was also reported in an Australian newspaper that TPG will be paying more than Aus$850 million plus a small cash premium. The deal includes the conformity of TPG on the retention of ownership by the Ingham Family of their racing business and extensive property portfolio.
In the past two years, the Australian food manufacturer was highly sought by other private equity firms and other Asian buyers because of liquidity and continued increase in demand for their products. It was a tough decision for Bob Ingham but he confirms, "An important part of the decision for me was finding a buyer who would ensure that our customers will continue to receive the highest level of service and our employees would be well looked after."
Despite the new owner, business remains normal at the 95-year old poultry firm.
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