Affinity in negotiations over Primo Smallgoods
Affinity Equity Partners is reportedly in exclusive negotiations for a controlling stake in Australian meat producer Primo Smallgoods in a deal that could value the company at up to $1 billion.
The news comes more than a month after Affinity submitted its final bid for asset. At the time, sources told AVCJ that Blackstone Group also submitted an indicative bid for Primo but didn't meet the final bid deadline. Archer Capital, Pacific Equity Partners and CHAMP Private Equity were previously identified from a field of 10 potential bidders for the company.
According to Reuters, if Affinity secures its purchase, it would keep the company's founding Lederer family involved in business' operations. Affinity would also aid Primo in building an A$130 million ($138 million) manufacturing plant.
A source close to Affinity told AVCJ in July that the firm initially secured commitments from 15 banks for its bid, but cut this back to 11 after financing was oversubscribed.
Primo claims to be Australia's largest producer of ham, bacon and small goods, and has contracts with Coles and Woolworths. The company's EBITDA for the last fiscal year came to A$104 million.
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