Mergers & Acquisitions

Financial terms of the deal have not been disclosed.

The move comes as McGrathNicol Restructuring was appointed receivers of the shares in Australian Zhiran Co. Pty Ltd, which owns Brownes Dairy.

The transaction was primarily completed to repay approximately US$1.3 million in debt, funded through an expansion of the Company’s existing line of credit.

The sale will include the company’s Pōkeno factory, a blending and canning facility in Auckland, a warehouse facility, and associated inventory and leasehold arrangements.

Libstar said it had received non-binding, indicative expressions of interest from unnamed parties.