RLX finalises acquisition of Yass and Mortlake saleyards

Regional Livestock Exchanges have added Yass and Mortlake to their saleyard portfolio of now ten across eastern Australia, and have flagged an intent to invest in more.

A privately-owned saleyard operator have flagged they intend to continue investing in saleyards across Australia, as they reach financial close on the agreement to bring two more into their now 10-strong portfolio.

Last week, Regional Livestock Exchanges, a subsidiary of Australia’s Palisade Investment Partners, finalised their agreement to acquire saleyard facilities in Yass, NSW and Mortlake, VIC from SELX Pty Ltd.

Initially announced in July last year, Mortlake (Western Victoria Livestock Exchange), and Yass (South Eastern Livestock Exchange) became under RLX’s full control on April 3 and 4.

RLX CEO Brett Freer at the first sale day at Yass under new ownership.

Gavin Jackman of RLX said that saleyards are a “perfect fit” with the investment focus of Palisade, and that RLX have flagged their intention to further invest in saleyards in the future.

“RLX is looking to add more saleyards to its portfolio – either through owning or operating sites – so that it can continue its record of investing in those important community assets to improve the services offered to producers, buyers, agents and other users of its sites,” he said.

And while saleyard fees are rising and some producers are moving to relatively new online selling platforms such as AuctionsPlus and Five Stock, Mr Jackman said producers and buyers regard the ability to see livestock in the flesh as “important”, and that saleyards are a vital asset of local communities.

“Aside from the employment opportunities provided by local saleyards, other major economic benefits flowing to local communities include supporting the businesses that provide goods and services directly and indirectly associated with saleyards, which in many cases helps ensure they retain a local presence in the community,” he said.

While the price of the acquisitions remained undisclosed, the Yass development opened in 2016 to the cost of $15 million, while Mortlake opened in 2018 with the project costing $16 million.

Along with the newly-acquired Yass and Mortlake, RLX own the Central Victorian Livestock Exchange at Ballarat, the Northern Victoria Livestock Exchange at Barnawartha and the Corangamite Regional Livestock Exchange at Camperdown, as well 5 more as sites in Northern NSW and Queensland.

It comes after The Weekly Times reported last week, saleyard fees across Victoria had increased across the board since 2018, with the risings costs putting pressure on producers and saleyard operators alike.