Mort & Co, Australia's largest privately owned lot feeder, is set to acquire the site of NSW stockfeeds business, Guyra Milling, following a comprehensive due diligence process.
The announcement follows the recent launch of their new division, Mort & Co Stockfeeds earlier this month, a $20m investment into a state-of-the-art stockfeeds facility at their Grassdale Feedlot near Dalby in Queensland.
Having established itself as one of the leading feedlotters in the country, Mort & Co continues to explore opportunities in addition to its core offering, as part of its strategic growth plans.
Guyra Milling was established in 2007 by the Vivers family and is in the heart of one of the largest sheep and cattle producing areas in the New England Tablelands.
The mill has a maximum capacity of 20,000 tonnes per annum, and currently supplies pellets in bulk, bulka and 20kg bags.
The agreement will see Mort & Co purchase the site and its physical assets, including the mill, three delivery trucks and some additional equipment. Importantly, the core Guyra Milling team members will continue with Mort & Co, ensuring the mill can remain open for business and provide a smooth transition for customers.
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Guyra Milling Operations Manager, David McCathie, said the acquisition was a positive outcome for everyone.
"It's fantastic news for our team and our customers that the mill remains operational. It's also massive for the local area. There is only an upside from this agreement for all parties involved," he said.
Owner Belinda Vivers also touched on her interactions with the Toowoomba-based feedlotter.
"To be involved in negotiations with a business such as Mort & Co, gives you confidence. They are a strong company who are growing, but more importantly, they have great values, which has been evident in all our dealings with them. They run a highly professional organisation and their team, in conjunction with ours, have been exceptional throughout the process in getting us to this point," she said.
While Guyra Milling customers will be required to open a new trading account with Mort & Co in order to continue trading, there is expected to be little disruption to the business.
"For our existing customers, it's fantastic to know that they will still be able to access all the products currently on offer, whilst Mort & Co explore innovative products and services to continue to support our customer base," Mrs Vivers said.
Mort & Co chief executive officer Stephen O'Brien said it was an exciting time the stockfeeds division.
The acquisition is due to be finalised on July 1.