An agribusiness group owned by a member of a wealthy Swiss family has sold a 75 per cent stake in Singapore-based Gold Coin Management Holdings, a livestock feed producer.
Golden Springs Group sold the stake to Pilmico International, a subsidiary of Aboitiz Equity Ventures (AEV), in a deal that values Gold Coin at US$550 million (S$752.8 million). It retains the remaining 25 per cent stake in Gold Coin.
AEV said the acquisition will add three million tonnes of feed volume to its output and quadruple its overall feed production capacity.
Gold Coin was set up here in 1953 and is now one of the largest animal feed producers in the Asia Pacific, operating more than 20 production mills across 11 countries. It is the "only pure-play animal nutrition producer" active in the majority of key livestock feed markets in South-east Asia, said Golden Springs.
The firm employs around 3,000 people across 21 production facilities, offering products for the livestock and the aqua industries, including young animals and hatchery feed, premixes, concentrates and compound feed.
Gold Coin generated revenue of US$751 million for the 12 months to Dec 31, 2017, and Ebitda (earnings before interest, taxes, depreciation and amortisation) of US$44 million, said Golden Springs.
Golden Springs, which supplies livestock and aqua feed, breeds prawns and grows tilapia, is owned by Mr Peter Zuellig of Switzerland's wealthy Zuellig family.
Mr Zuellig said yesterday that "the Zuellig and Aboitiz families have known each other for generations".
"Gold Coin, as one of the leading animal nutrition platforms in Asia Pacific, is well-poised to capitalise on rising protein consumption.
"Golden Springs has decided to continue to retain a minority stake to ensure that we are able to participate in Gold Coin's strong growth potential as it executes on its expansion strategies together with Pilmico."
Gold Coin general manager Gerald Wilflingseder said the integration of Gold Coin and Pilmico is expected to generate "substantial synergies".
Credit Suisse acted as Golden Springs' sole financial adviser on the transaction.