TEMORA businesses Preston Grain and AW Derrick & Sons sold last week to BFB, a vertically integrated Temora business which since 2019 has been majority owned by the Canadian Public Sector Pension Investment Board (PSP).
BFB was founded in Temora in the 1980s, and some local interests have retained a minority stake in the business.
According to the BFB website it crops more than 50,000 hectares of country, mostly in the wider Temora district on the south-west slopes of New South Wales, and its business includes input sales, bulk storage, a logistics division, and the Moore Park piggery.
In 1999, it established a joint-venture site at Temora with Cargill Australia which can hold up to 350,000 tonnes of grain.
AW Derrick & Sons and Preston Grain, with assets included, listed in November through Elders Rural Property Adam Chilcott with an asking price of $3.5 million plus.
The businesses came to market to enable respected grain trader Bill Preston to retire from the businesses he has run with his wife Helen Preston and his brother John Preston.
The Derrick’s and Preston Grain assets include freight division and fertiliser divisions, and three sites in Temora.
These have a total grain-storage capacity of around 30,000 tonnes, and have been instrumental in supplying a number of major feedgrain consumers in southern NSW.
AW Derrick & Son was founded in Temora by Arthur Derrick, and Bill Preston bought the business in 1981.
PSP bought the majority stake in BFB from Proterra Investment Partners in 2019.
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