Administrators of failed Yeeda Group signs off on $55m purchase by Canadian fund

The administrators of Yeeda Group has signed off on a $55 million transaction to save the failed abattoir owner and pastoral business. David Osborne, Tony Miskiewicz and Richard Tucker of KordaMentha has announced the signing of transaction documents with Government-owned Alberta Investment Management Corporation to sell the Yeeda and Mt Jowlaenga pastoral stations, their cattle herd, and the Kimberley Meat Company abattoir. Kimberley Meat Company had run the only major abattoir in WA’s north. The target transaction price is about $55m. The transaction followed a public sale campaign led by agribusiness firm Elders and corporate advisor Poynton Stavrianou. Mr Osborne said the transaction gave all stakeholders much needed certainty about the future of the critical Northern Australian pastoral and beef processing infrastructure. “The administration process has delivered a transaction for AIMCo to carry these assets forward under new ownership, for the benefit of the Kimberley community and Northern Australia’s pastoral industry,” he said. The sale is expected to be finalised by December, following Foreign Investment Review Board approval and consent from the WA Pastoral Lands Board.