RIDLEY Corporation’s subsidiaries CSF Australia Subsidiary and CSF Protein NZ have entered into an agreement to acquire Oceania Meat Processors NZ for around A$52.8 million.
Ridley is Australia’s largest stockfeed manufacturer, and OMP is described as a premium producer of mechanically deboned meat (MDM) frozen block products and other raw materials for the global petfood industry.
In a statement released last month, Ridley said MDM products were a key pillar of Ridley’s Ingredient Recovery growth strategy and OMP is expected to make a “meaningful contribution” to the business segment and enhance Ridley’s offering to suppliers and petfood customers.
Established in 2002, OMP is a leading supplier of inputs to the global petfood industry.
Around two-thirds of its production comes from its operations adjacent to Ridley’s existing ingredient-recovery facility in the Melbourne suburb of Laverton, and the balance comes from its facility in Timaru, New Zealand.
According to its website, OMP opened in Timaru in 2002 and was founded by Peter Cowan and Jim Workman.
OMP products include Australian and NZ lamb, beef and venison, and Australian buffalo, crocodile and salmon, and its blast-freezing facilities at the Laverton and Timaru sites send product to locations including two distribution centres in the United States.
Ridley’s purchase of OMP is expected to be completed by 28 March 2024.
“The acquisition of OMP represents a key milestone for Ridley’s Ingredient Recovery business in the delivery of its FY23-25 growth plan,” Ridley managing director and CEO Quinton Hildebrand said.
Mr Hildebrand also said the purchase contributes to Ridley’s ambition to “climb the wall of value”
by producing bespoke, higher-value nutrients from existing and new raw-material suppliers.
“The acquisition also significantly increases Ridley’s capacity to service the domestic and international petfood industry.