Itoham Yonekyu Holdings agreed on 18 June to acquire Greenlea Group, a family-owned beef processor based in Hamilton, New Zealand, at an enterprise value of about NZ$800m.
Why Itoham Yonekyu Holdings (via ANZCO Foods) is buying Greenlea Group
Itoham said the purchase supports its 2035 strategy to strengthen its overseas business, expanding the scale and earnings of its foreign meat operations and maximising the value of ANZCO Foods. It said New Zealand can produce beef more sustainably than other exporting countries.
Deal terms and financing
ANZCO Foods is buying 100% of Greenlea Group and its subsidiaries, including Greenlea Premier Meats. The price is stated on an enterprise-value basis and will be adjusted for net debt and working capital at completion.
Regulatory approvals and timing
The Commerce Commission cleared the acquisition in August 2026, finding it unlikely to substantially lessen competition. Itoham announced completion on 30 September 2026.
Market context
Founded by Peter Egan in 1993, Greenlea runs processing plants in Hamilton and Morrinsville and exports grass-fed beef to more than 40 countries. ANZCO, wholly owned by Itoham since 2018, reported revenue of NZ$2.1bn.
