One of Australia’s biggest chicken producers, ProTen, is strutting out to meet potential buyers after owners AwareSuper and RocPartners brought in Macquarie Capital to oversee a strategic review.
Street Talk understands MacCap began reaching out to prospective equity investors over the weekend, telling them to think about ProTen’s $150 million revenue and $70 million EBITDA for the 2024 financial year. It has $1 billion worth of assets and property on its books.
Sources said MacCap is well advanced with a debt refinancing that would see ProTen emerge with an infrastructure-style funding package. ProTen’s owners haven’t made a final decision regarding a sale, despite giving their bankers the go-ahead to gauge equity investors’ appetite. The looming deal was first revealed by this column in June.
Read the full story tomorrow and more on the Street Talk page.
Street Talk can reveal Five V Capital is pitching a new $325 million fund to institutional investors and high-net-worth types. The pitch to investors rests on three claims: smaller deals have outsized returns; fewer funds scan this end of the market; and Five V has proven its mettle in the mid-market.
Best and worst
A sharp rally in bank stocks helped push the Australian sharemarket higher on Friday.
