Australia Fresh Milk Holdings (AFMH) consortium has finalized a deal to acquire dairy company Moxey Farms for an undisclosed amount.
The consortium, which is partially owned by the Chinese, comprises Leppington Pastoral Company, New Hope Dairy Holdings and Freedom Foods Group.
The deal is aimed at increasing milk supply by investing in Australian dairy farms in a bid to export dairy products to China, as reported in ABC Rural.
As per the agreed terms, Moxey Farms will continue to be operated by Moxey family in a joint venture with the Perich family.
The Moxey family will also acquire a strategic stake in Australia Fresh Milk, which has assets and operations across the dairy value chain. Moxey has 3,700 milking cows that produce 50 million litres of milk annually.
Moxey Farms general manager Quentin Moxey was previously quoted as saying: "Our primary objective since the establishment of Moxey Farms has always been to deliver a world-class milk production platform.
"In early 2014 the business initiated a review of its operations with the aim of finding a strategic partner to assist with the next stage of growth.
"We are pleased to partner with AFMH on the development of Moxey Farms and the establishment of additional world class greenfield dairy farming operations in Australia".
Upon completion of the acquisition, AFMH will have an operating platform to invest in additional greenfield dairy sites.
