Palgrove Charolais stud sells to new owners
The new part-owners of one of the country’s best-known studs said it was daunting to “stick your neck out” but feel honoured to take it on. See all the details.
One of Australia’s best-known cattle studs has been sold, with long-term employees and a client set to take the reins of the entire Palgrove Charloais herd.
Palgrove chief executive officer Will Heath said the Charolais herd had been purchased by a partnership between Palgrove employees Ben and Gemma Noller and clients Simon and Mym
Daley, who would continue to operate under the Palgrove Charolais name and herd prefix.
For new part-owner Ben Noller, the purchase represents a lifelong love of and commitment to the breed.
“It is an honour to carry on the stud really, I didn’t want to see the herd split up,” Mr Noller said.
“It is always a bit daunting when you stick your neck out but at the same time we have some great partners with the same work ethic who know the industry, and I know what we are buying.”
Mr Noller grew up with an eye for breeding Charolais cattle – his family owned the Gunnadoo stud at Oakey in Queensland.
“As a kid I knew the Palgrove name, so it is great to be able to retain it for the beef industry,” he said.
The half century-old Palgrove seedstock operation now plans to accelerate the growth of its Ultrablack breed program.
Palgrove sells 1000 bulls annually to clients across Australia; of which about 700 are Ultrablacks and up to 400 are Charolais.
The transaction comes after a period of transition for the famed Palgrove business, following the sale by the Bondfield family in 2022 to the New Zealand Superannuation Fund.
Most of the Palgrove Charolais herd is expected to remain on leased country at the current home of the stud at Ben Lomond in NSW.
Meanwhile, Palgrove will retain the Palgrove Ultrablack stud prefix.
“The decision to sell the Charolais component of Palgrove’s operations has not been made
lightly and comes after a detailed strategic review confirmed that our position as a leader in
Australian beef production would be consolidated by simplifying our operations to focus on the growth of the Ultrablack business,” Mr Heath said.
“Ben and Gemma have been integral to the success of both the Palgrove Charolais and
Ultrablack programs over the past eight years and we are pleased to be able to transition
ownership of the full Charolais herd to them, along with the Daley Family.”
Peter and Valerie Bondfield started the now famed Palgrove Charolais stud in 1970.
In 2016 David and Prue Bondfield were crowned The Weekly Times Coles Farmer of the Year.
The following year, the Bondfield family went into a partnership with the New Zealand Superannuation Fund.
That fund became the full owner of Palgrove in 2022.
In May this year Palgrove listed the 2566ha namesake property, Palgrove, at Dalveen in the Southern Downs of Queensland for sale, and the 1651ha Killaloo, at Drillham in the Western Downs via LAWD.
Then, Palgrove said it was selling the two properties as part of a plan to double the scale of its commercial breeding herd – to about 6000 cows – and strengthening its position in high-performance beef genetics.
The Weekly Times understands the Palgrove property is currently under contract, pending settlement, while Killaloo remains on the market.
The sale of the Charolais stud appears to be the next step in the changing focus of the Palgrove enterprises under its new ownership structure.
Lamb prices out to $10.50/kg in spring
In an unusual move a lamb processor has put out forward contracts to spring, pointing to continued high prices and concern over low supplies. But how high can lamb go?
Larger wool volume not expected to lower price
Wool prices have improved in the past few weeks, along with a more positive sentiment. But with a large volume on offer this week, how will prices react?