Meat processor JBS Australia has agreed to acquire ham and bacon producer Primo Group, in a deal worth $1.45bn.
The move is in line with the company's strategy to grow its presence in value-added products.
Founded in 1985, Primo offers its products under Primo Smallgoods, Hans and Beehive brand names.
Primo currently has five processing plants across Australia and New Zealand. It employs over 3,000 people.
The acquisition, which is subject to regulatory approvals, will leverage Primo Group's growing export operations across Asia.
Commenting on the transaction, Primo Group CEO Paul Hitchcock said: "While it will remain very much business as usual for our employees, suppliers and customers, this transaction offers tremendous opportunities for a producer of high-quality products like Primo.
"We look forward to being part of JBS and capitalising on its international distribution network."
Earlier in 2011, Asia Pacific private equity firm Affinity Equity Partners acquired 70.1% stake in Primo.
Image: Primo Group produces ham and bacon. Photo: courtesy of artur84 / FreeDigitalPhotos.net.
