THE first half of 2025 has seen leading broiler producer ProTen expand and change hands, Fairglen Farms sell down, and Cordina sell and lease back two processing sites.

KKR acquires broiler giant ProTen

US investment firm KKR has acquired ProTen, one of Australia’s largest broiler chicken producers, from industry super fund Aware Super.

The news came after months of speculation that KKR was considered the preferred candidate in the contest to acquire ProTen, after reports Sydney-based Roc Partners and Northleaf Capital from Canada.

Established in 2001, ProTen operates over 700 poultry sheds across more than 60 broiler farms spanning New South Wales, Victoria, South Australia, Western Australia, and Queensland.

Aware Super has owned ProTen since 2018 and has overseen significant growth in the business including, expanding ProTen’s operational footprint across all states, along with a four-fold expansion of its property portfolio.

KKR managing director and head of Australia & New Zealand infrastructure Andrew Jennings said the company’s investment would build on ProTen’s position for continued growth and its operational excellence in the poultry supply chain.

“Our investment in ProTen is a unique opportunity to acquire a high-quality agricultural infrastructure asset, supported by availability-based long-term contracts, that plays an essential role in the food supply chain,” Mr Jennings said.

“We are impressed by the quality of ProTen’s assets, its long-term contractual relationships with its customers, and the favorable dynamics within the poultry industry.”

ProTen chief executive office James Wentworth said the company was “grateful for the long-standing relationship it has enjoyed with Aware Super” over the past seven years.

“This support and the hard work of our team has enabled us to service and grow with our customers.

“We look forward to an exciting new chapter with KKR.

“Our business, management and focus will remain unchanged – partnering with our customers to feed Australia.”

ProTen recently purchased Somerset Poultry west of Geelong. Photo: JLL

ProTen secures Victorian poultry operation

A day before news emerged of KKR’s takeover of ProTen, JLL agents revealed that ProTen had purchased Somerset Poultry, a broiler farm in Murgheboluc, Victoria.

Comprising six modern broiler sheds with capacity for nearly 300,000 birds per batch under RSPCA-approved conditions, the operation is supported by a long-term grower agreement with Turosi Food Solutions Group.

While the sale price remains undisclosed, the agents confirmed the asset traded in line with initial expectations.

The campaign guided prospective buyers to an EBITDA of approximately $1.1 million and anticipated a yield in the vicinity of nine per cent.

The sale was managed by JLL’s Chris Holgar, Jock Grimshaw and Chris Lawlor of the Agribusiness team following an Expressions of Interest campaign that attracted strong engagement from both domestic and offshore agribusiness investors.

Mr Holgar said the transaction underlined ongoing investor appetite for high-quality poultry infrastructure underpinned by secure long-term agreements.

“Somerset Poultry attracted significant interest due to its scale, production quality, and strategic location within a strong poultry supply chain network,” Mr Holger said.

The 82.26ha farm also includes secure Barwon Water access via a private main, Barwon River entitlements, a bore, and significant on-farm storage capacity.

Mr Grimshaw said the acquisition by ProTen further consolidates its position as the country’s leading broiler operator.

“This is a natural fit for ProTen’s growing portfolio,” Mr Grimshaw said.

“Somerset Poultry’s infrastructure, water security, and proximity to major processing and feed facilities made it a standout opportunity.”

Fairglen Farms sells WA broiler farm

Fairfax family investment vehicle Fairglen Farms in April sold one of its last remaining broiler operations in an ongoing move to exit the industry.

The Wongin operation, located in the Peel region of Western Australia, came to market in November last year alongside two other facilities, Tharri and Burrii, both located near Tamworth in NSW.

Fairglen Farms recently sold its Wongin operation near Perth. Photo: Colliers

The operation reportedly sold for $4.75M in a transaction assisted by the Colliers team.

Located at Oldbury in Perth’s southern outer metropolitan area, the 10.6ha property featured four broiler sheds, and placed 212,000 birds per batch cycle.

The operation came with a supply contract to Baiada, a longstanding management team in place, and secure water entitlements.

Fairglen Farms has been divesting from broiler assets for around two years, reportedly to redeploy capital into other investments.

In 2023, the company reportedly offered part of its broiler portfolio to market via investment bank Barrenjoey.

ProTen purchased four of these operations, adding them to its portfolio of more than 50 farms.

RF Corval buys Cordina Group assets

Sydney-based property fund manager and investor RF Corval has acquired two NSW poultry assets from the Cordina Group, an Australian-owned fresh poultry and food manufacturing company.

Cordina Group’s Wyong premises.

The properties, a chicken-processing plant and distribution centre at Girraween in western Sydney and another at Wyong on the NSW Central Coast, were purchased off-market via a sale-and-leaseback arrangement.

Acquired for $103.5M, the 5.4ha Girraween site has been occupied by Cordina since 1945 and is home to chicken processing, packing, medium-clearance warehousing, offices, and a shop.

The Wyong site serves as Cordina Group’s headquarters, with the company having built a food processing facility there in 2014.

Announcing the deals, RF Corval described the poultry industry as an attractive investment, citing its status as a consumer staple aligned with shifting preferences towards healthy eating, as well as its reputation as one of the cheapest and more environmentally sustainable meats.

“The investment provides exposure to the poultry sector which benefits from consistent, somewhat inelastic demand for chicken meat,” the statement said.

“The tenant is a fourth generation business within this sector and occupies a commanding presence in the NSW market.”

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