Andrew Forrest’s cashed-up Tattarang ‘on buyout path’

Tattarang, which also owns the iconic RM Williams brand, plans to look more like a sustainable agribusiness in the years ahead.

Tattarang and Minderoo CEO, Andrew Hagger, speaking at the Global Food Forum held in Sydney on Tuesday. Picture: Nikki Short

Andrew “Twiggy” Forrest’s $30 billion plus investment firm Tattarang is on the acquisition trail as it looks to continue to diversify into a range of agribusinesses.

Tattarang chief executive Andrew Hagger told the Global Food Forum that the company, which also owns the iconic RM Williams brand, would look more like a diversified agribusiness in the years ahead.

“The world is changing and if you are a coal business you would be looking at your cash flow out to 2030 but not all the way out to 2070,” he said.

“We have a vision of sustainability and to build generational businesses, not just in food and agriculture but in e-commerce with RM Williams.

Mr Hagger said Tattarang’s agricultural division Harvest Road was making a big investment in the native Western Australian Akoya oyster as part of its diversification strategy into aquaculture

“This is a whole new product for us and we hope to be producing 18 million oysters by 2024, equivalent to 1 ½ million dozen oysters.

“People may sit back and say that is completely impossible but that is how we roll. Not many people are aware that Andrew Forrest actually has a PhD in marine ecology.”

Mr Hagger said Tattarang’s acquisition of RM Williams was an example of the company looking to acquire good businesses that employed Australians.

“Andrew got his first pair of RM Williams boots when he was about 8 so he has long been invested in the brand,” he said. “Sales have gone up massively since we bought it, so consumers love the fact it is back in Australian hands. But we have to be disciplined about our investments and we would have walked away if the price wasn’t right.”

He added the company would look at further acquisitions in the agribusiness space and was interested in a range of areas from mangoes and sweet potatoes to cattle stations. The company already has substantial interest in beef with six stations covering 1.5m hectares.

“It is important for us to have good businesses,” Mr Hagger said. “It was important for us to bring RM Williams back in Australian hands so we can employ Australians.