Itoham Yonekyu Holdings, a Japanese company based in Tokyo, has acquired Greenlea Group, a New Zealand beef supplier. The deal, valued at around NZ$800 million ($450.8 million), requires regulatory approval and is expected to finalize by late August. The acquisition marks Itoham’s latest move to expand its footprint in New Zealand’s meat sector.
Greenlea, based in Hamilton and known as Greenlea Premier Meats, reported revenue of NZ$615 million and net profit before tax of NZ$59 million in the year through September 2024. The company operates two processing plants in the Waikato region, specializing in grass-fed beef. Itoham emphasized Greenlea’s efficiency and its strong ties to local communities as key factors in the deal.
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The acquisition aligns with Itoham’s 2035 strategy to strengthen its overseas operations. The company aims to boost its ability to supply animal protein globally, with a focus on meat. New Zealand’s reputation as the world’s seventh-largest beef exporter and its sustainability practices were highlighted as key reasons for the investment.
Itoham already owns 65% of Anzco Foods, another New Zealand meat processor. The acquisition of Greenlea is expected to combine Anzco’s operations with Greenlea’s, potentially making Anzco one of New Zealand’s most profitable meat packers. Anzco, led by CEO Peter Conley, generated NZ$2.1 billion in revenue and NZ$104 million in EBITDA in the year through December.
Greenlea’s integration with Anzco could create synergies, according to Itoham. The company noted that Greenlea’s locations and relationships with producers give it an edge in efficiency. This move follows Itoham’s purchase of the remaining 35% of Anzco in 2018 from Sir Graeme Harrison and Nippon Suisan Kaisha.
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The transaction demonstrates Itoham’s long-term commitment to New Zealand. The company stressed its focus on sustainable beef production, a claim it says sets the country apart from other exporters. Greenlea’s role in this strategy is to enhance Itoham’s global supply capacity and market reach.
Greenlea’s processing plants in the Waikato region are central to its operations. The company’s ability to produce grass-fed beef efficiently has drawn attention from Itoham. This acquisition may further solidify Itoham’s position in New Zealand’s meat industry, which it views as a strategic asset.
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Anzco’s financials show a strong performance, with net profit before tax of NZ$55 million and a bottom-line result of NZ$40 million in the year through December. Combining this with Greenlea’s figures could create a more robust business model, according to Itoham’s statement.
Regulatory approval remains a hurdle, but Itoham expects the deal to close by August. The company’s focus on sustainability and supply chain efficiency is a recurring theme in its messaging. This acquisition is part of a broader effort to expand its global meat business.