Tamar Valley Dairy assets sold to FonterraDOWNLOAD
6 November 2013: Global dairy manufacturer Fonterra has entered into a binding contract to acquire the business and assets of Tasmanian yoghurt producer Tamar Valley Dairy (Administrators Appointed).
The sale was achieved by Deloitte Restructuring Services Partners Glen Kanevsky and Tim Norman, who were appointed Joint and Several Administrators over the Launceston-based business on 23 September 2013.
Fonterra is a global dairy manufacturer with existing operations in Tasmania, Victoria and New South Wales.
The sale agreement will see Fonterra acquire the processing equipment, related services, intellectual property rights and trademark for the Tamar Valley Dairy brand. The acquisition will be effective from 25 November (subject to completion of the sale). Terms of the sale will not be disclosed.
Mr Kanevsky said the sale was an excellent outcome for the business, employees, suppliers and the Tasmanian dairy industry in general.
“We are extremely pleased with the sale,” he said. “The voluntary administration process is inherently unpredictable, and this transaction now provides certainty of outcome for suppliers, customers and employees.
“This is a particularly complex and highly regulated industry, and we are very fortunate to have received tremendous support from all stakeholders since our appointment which has allowed us the opportunity to pursue a transaction of this scale and complexity.
“While we still have some milestones to meet before completion on 25 November, we will work closely with Fonterra over the coming weeks to ensure that the transition of the business is managed in a way that minimises any disruption to day-to-day operations.”
The sale of Tamar Valley Dairy follows two other significant business sales achieved by Deloitte Restructuring Services Partners in their capacity as Voluntary Administrators this year:
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