Dawn Meats to sell its minority shareholding in Elivia to Terrena
Dawn Meats has decided to sell its minority shareholding in meat processing business Elivia to farming co-operative Terrena, its majority shareholder.
In the period since 2015, significant investments have been made at Elivia and improved performance has resulted from the collaboration of the two companies. Following ongoing discussions and a review of long-term business strategy, both parties have decided on alternative arrangements for the ownership of the company.
Niall Browne, CEO of Dawn Meats said: “We found that our vision for the French market and our ambition for the future strategic direction of Elivia is not aligned with that of our partner Terrena, and we have therefore decided to dispose of our shareholding in Elivia. We wish the company and its employees all the best in their future endeavours.
The French market is strategically important for beef and lamb, and we will continue to engage and develop new opportunities in the market. Independently of our involvement with Elivia and within the same timescale, Dawn Meats and our UK division Dunbia have more than doubled in size and our management team will continue to successfully grow the business with further developments in the pipeline.”
Alain Le Floch, CEO of Terrena said: “Elivia is a strategically important company within our cooperative and we are delighted to become again the sole shareholder of Elivia. The company has significantly improved its performance in recent years. Being a 100% farmers owned company, Elivia has strong roots and fundamentals for providing high quality and innovative services and products to its customers, the basis for future commercial success. We wish Dawn Meats well into the future and thank them for their support of and contribution to Elivia over the years.”
This disposal by Dawn Meats of its stake in Elivia to Terrena is subject to the approval of all appropriate antitrust authorisations from the competent authorities in France and abroad.
Details of the deal are to remain confidential.