Australia’s Brownes Dairy plans to formally seek a buyer, or investment in the business, next year.
McGrathNicol Restructuring was appointed receivers of the shares in Australian Zhiran Co. Pty Ltd, Brownes Dairy’s ultimate holding company, in April.
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According to a report by The Australian Financial Review in April, Brownes Dairy was put on the block after China’s Mengniu Dairy Co. called in a $200m loan.
Brownes was sold – by Archer Capital, which bought it in 2011 – to Australia Zhiran Co. in 2017, a vehicle backed by a consortium that also had investment firm Changchun Lianxin Investment Consulting Company as a member. Mengniu Dairy was one of the key lenders in that acquisition.
A company spokesperson said the sale process was “ongoing”, adding: “McGrath Nicol is currently working closely with the Brownes Dairy team to compile all business information into an investor package to take Brownes Dairy to market.
“While we’re yet to officially go out to market, we’ve had significant interest from a range of exciting investors. Our business will formally go to market in 2026.”
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By GlobalDataFounded in 1886, Brownes Dairy calls itself Western Australia’s oldest dairy company. It sells a range of yogurt, cheese and coffee through major grocers in Australia.
Among the products the business markets in Australia is RTD coffee brand is Hunt And Brew. The company launched Hunt And Brew in the UK last year and, this week, announced the acquisition of local co-packer Indul.
“Previously we were limited in the factory as other brands products we’re also being produced, limiting our capacity,” the Brownes Dairy spokesperson said.
In a statement, CEO Natalie Sarich-Dayton added: “This is a watershed moment for Brownes Dairy and a powerful vote of confidence in the Hunt and Brew brand.”
