Cedar Meats up for sale again after failed sale to Global Meat Exports
Cedar Meats is advertising its western suburbs business and freehold for sale, less than a year after a “disappointing” battle arose for its control.
Brooklyn-based meat processor Cedar Meats has begun the process of selling its business, more than a year after striking a now-stalled takeover deal with Global Meat Exports.
A lengthy battle for control of the veal, goat and sheep meat processor came to a head in June last year, when Global Meat Exports did not make full payment to Cedar Meats owners, the Kairouz family.
Cedar Meats chief operating officer Tony Kairouz said the family had engaged advisory group William Buck to “facilitate the sale of the business, in the event that Global Meat Exports Pty Ltd are unable to complete its obligations to finalise the current sale”.
“It is disappointing that the Kairouz family to this point has not been able to complete its sale of the business to Global Meat Exports Pty Ltd,” Mr Kairouz said, in a statement.
“The family has taken another major step to bring the succession to Global Meat Exports Pty Ltd to a head. We have appointed an external administrator to reclaim shares in our original Cedar Meats (Aust) Pty Ltd company which holds the licenses that allows us to operate. This will have not any impact on the current operations and management of the Cedar Meats business.
“I am hopeful that we can bring the deal to a close one way or another in the next few weeks and we can concentrate on growing our business to incorporate our Mildura operation.”
The Weekly Times reported in June that Mr Kairouz said GME hadn’t “completely executed all their obligations under the acquisition”.
In an unusual move, independent advisor William Buck was engaged to take control of GME’s bank accounts to help facilitate the deal.
An advertisement for the sale of Cedar Meats in The Weekly Times this week states the freehold is part of the offering.
The Kairouz family started the business in the 1980s and grew it into an export powerhouse, with turnover of more than $200 million a year.
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