Overseas investment decision for case 201310031 - Adams Bidco Pty Ltd

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Ingham Enterprises Pty Limited which indirectly owns or controls:

1. a freehold interest in approximately 8.371 hectares of land at 2 and 16 Banks Road and 7473 and 7481 Hinuera Road, Matamata, Waikato; and
2. a freehold interest in approximately 24.2525 hectares of land at 111 Pohlen Road, Matamata, Waikato; and
3. a freehold interest in approximately 20.234 hectares of land at 25 Okauia Springs Road, Matamata, Waikato; and
4. a freehold interest in approximately 67.23 hectares of land at 903 Leslie Road, Putaruru; and
5. a freehold interest in approximately 62.5526 hectares of land at 612 and 668 Waikehau Road, Waitoa, Waikato; and
6. a leasehold interest in approximately 9.2939 hectares of land at 23 Dunlop Road, Waharoa, Waikato.

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Ingham Enterprises Pty Limited, the value of the securities and consideration provided, and the value of the assets of Ingham Enterprises Pty Limited and its 25% or more subsidiaries, including property in New Zealand used in carrying on business in New Zealand, being greater than $100m.

The Applicant is an Australian company ultimately controlled by TPG and indirectly owned by investment funds affiliated with TPG (passive investors).

The Applicant is acquiring all of the shares of Ingham Enterprises Pty Limited (“Ingham”), an Australian privately-owned poultry and stockfeed supplier.

The Applicant intends to utilise its existing trading relationships, expertise and capital to improve Ingham’s business and develop export opportunities it has identified.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(ii) – New business skills
17(2)(a)(iii) – Increased export receipts

Overseas Investment Regulations 2005
28(c) – Affect image
28(e) – Previous investments