The Kimberley Meat Company (KMC), the only commercial-scale abattoir in northern Western Australia, and its parent company, Yeeda Pastoral Company, have been acquired by TLP4 Australian Holdings, a subsidiary of Canadian government-owned investment fund, Alberta Investment Management Corporation (AIMCo).
TLP4 entered a Deed of Company Arrangement in August 2024.
In February 2024, KMC and Yeeda went into voluntary administration with debts of more than $100 million to around 175 unsecured creditors. It also owed more than $5 million to local businesses and was under state government investigation for alleged animal abuse, with more than 400 cattle and the illegal dumping of slaughtered animal waste on Yeeda Station.
KMC is located roughly 100 kilometres east of Broome and was the only large-scale abattoir north of Perth.
The sale was delayed due to legal proceedings, in part regarding the company’s land valuation. Its administrators, KordaMentha, contracted RSM Global to report on the value of Yeeda’s pastoral land and cattle, which used valuations from real estate company, LAWD. Senior counsel for Fitzroy River Limited Liability Company, a 20 per cent shareholder of Yeeda, said the valuation was outdated and shouldn’t be used to guide the price of shares.
AIMCo executive managing director, head of Infrastructure, Renewable Resources and Energy Transition, Ben Hawkins, said the Yeeda Aggregation would increase the robustness and flexibility of the supply chain.
“We believe this acquisition gives us the opportunity to create a vertically integrated beef production and processing business in northern Australia.
“AIMCo has a strong track record of investing successfully in the Australian and New Zealand primary production and rural land sector, and are committed to ensuring strong animal welfare, environmental, social and governance standards are put in place,” Hawkins said.
It expects to have the abattoir running again by 2027.
The transaction has been approved by the administrators and creditors but remains subject to various regulatory approvals including Australia's Foreign Investment Review Board and the Pastoral Land Board.
