- New Board appointments improve gender diversity for better business outcomes
- Grant Thornton welcomes three new partners
- Rising fear over disproportionate cost of banking regulation
- Katie O’Keeffe to spearhead Human Capital offering in Melbourne
- Grant Thornton appoints new National Head of Business Risk Services
- Tianne Nagy-Jones recognised with ARITA President’s Award
- The UK’s Tech Rocketship Awards take off in Australia and New Zealand
- Robert Powell recognised with Family Business Australia’s inaugural Accredited Advisor Award
- “Western Australia is superbly situated to thrive and prosper”
- Proportionate regulation can help protect banking customers
- Grant Thornton appoints new Human Capital partner
- Darren Scammell joins Grant Thornton
- Life Sciences sector booming and more buoyant than ever
- Grant Thornton welcomes new leaders
- Victoria backs TPP and benefits of Free Trade
- Aged care boardroom briefing with Federal Minister highlights opportunities and challenges for the sector
- volt bank receives Australia’s first restricted ADI licence
- Grant Thornton advises Jupiter Mines on one of the largest IPOs in the metal and mining industry
- Grant Thornton acts for Turi Foods on merger with global food supplier
- Grant Thornton appoints new Partner as part of its ongoing investment in Financial Services
- Grant Thornton Australia continues to bolster its consulting capabilities with the appointment of new technology Partner
Grant Thornton has acted for Turi Foods, a leading Australian processor of chicken, on a merger that will see the business expand its offering and operations.
The deal involves a 50/50 merger with the U.S. owned OSI Group, one of the world’s leading suppliers of custom value-added food products across Australia and the globe, including supplying beef to McDonalds.
Bringing together Turi Food’s expertise in Australian poultry farming and processing and OSI Group’s scale and reach, the merger – now known as TUROSI – will be able to provide its customers with a full value-added processing capability, including more products to meet a wider range of customer expectations, including value-added and further process chicken and beef products.
The Grant Thornton team, led by the firm’s National Head of Food & Beverage Tony Pititto, advised Turi Foods, a long-time client of the firm, on all stages of the transaction, including due diligence, deal and complex tax structures, completion accounting and post-deal integration.
‘Importantly, we were brought in early pre-deal, a crucial point for any successful transaction, as setting a clear strategy at the outset and plan to maximise the value both parties bring sets the transaction up for the greatest possible outcome.
‘Working with Turi Foods for many years now has meant we know their business and operations – and also their strategic ambitions – so we were able to bring in the right team, from tax and accounting to M&A and performance improvement to complete this deal.’
Since signing, both Turi Foods and OSI Group are now about to embark on the integration of the merger.
‘The first 100 days of any merger are key, so we look forward to continuing to work alongside the team at TUROSI as they execute the remaining aspects of the transaction.
‘It was great to be part of this merger as it brings together two organisations that are expert in their own fields to not only elevate their offerings but also serve more customers Australia-wide, and possible export markets’ added Tony.
This deal further supports the findings from Grant Thornton’s recent thought leadership report, Dealtracker, which looks at M&A activity in the global and Australian food & beverage sector. This Australian sector continues to be at the forefront of M&A activity due to the attractiveness of our food and beverage sector to the rest of the world.
- ENDS -
For more information, please contact:
BBS Communications Group
P 07 3221 6711