TLP4 acquires Western Australia's Yeeda beef operation

Canada-based fund management firm affiliate TLP4 plans to take over Western Australia's (WA) Yeeda Pastoral, which includes a beef abattoir and two pastoral properties in the north of the state.

Yeeda Pastoral earlier this year entered voluntary administration after its owner Asia Debt Management failed to meet its financial obligations. Yeeda has been sold to TLP4 Australian Holdings, a subsidiary of Alberta Investment Management Corporation, for A$55mn ($37mn). The sale still needs approval from the Foreign Investment Review Board and consent from the WA Pastoral Lands Board.

The deal includes the Kimberley Meat Company abattoir, Yeeda Station, Mount Jowlaenga Station, along with a cattle herd of 13,800. Kimberley Meat is the sole operational abattoir in northern WA, processing more than 200 head of cattle daily and a key alternative to live export for local cattle producers.

The planned sale provides much needed stability and certainty for the future of northern Australia's pastoral and beef processing infrastructure, said David Osborne from Korda Mentha that handled Yeeda's administration.

By Amy Phillips