Northleaf Capital Partners, a Toronto-based investment firm, has emerged as a potential buyer for ProTen, a large chicken farmer worth over $1 billion. ProTen is owned by Aware Super, a major industry player, and is one of the largest chicken producers in Australia, producing 174 million birds annually. The company’s assets are being marketed by Macquarie Capital, which is seeking a price tag of over $1 billion and an EBITDA of $70 million.
According to sources, Northleaf’s Melbourne-based infrastructure team, led by Tom Irvine, is among the parties that have submitted a non-binding indicative bid for ProTen. Bids are expected to be finalized by April, with other interested parties likely to include other large infrastructure firms and private equity groups.
ProTen’s massive scale and dominant market position make it an attractive target for investors, with the company accounting for approximately 25% of Australia’s annual chicken consumption. The sale is expected to be one of the largest in the country’s agriculture and food processing sector. Northleaf Capital Partners, with its experience in infrastructure investments, is well-positioned to capitalize on the opportunity, given the farm’s impressive size and financial performance.
The auction process is likely to attract significant interest from international and Australian investors, including family offices, private equity firms, and infrastructure companies. The ultimate buyer will likely need to balance the risks and challenges associated with operating a large agricultural business with the potential for significant returns. The sale of ProTen is expected to be a closely watched deal in the Australian market, providing insight into the ongoing trends in the country’s agricultural sector.