Andrew Forrest increases his stake in Bega Cheese

One of Australia’s richest men, Andrew ‘Twiggy’ Forrest, has upped his stake in Bega Cheese as he continues to make ag inroads.

West Australian billionaire Andrew Forrest has increased his stake in Bega Cheese this week, less than three months after securing a sizeable portion of the processor.

One of his companies, Tattarang AgriFood Investments, announced yesterday it had purchased $35 million in shares in the NSW south coast dairy processor.

It brings Tattarang’s total share in Bega to more than nine per cent, following the 2021 purchase.

Tattarang chief investment officer John Hartman said Bega Cheese represented a long-term investment for the company.

“Tattarang is committed to investing in Australian businesses and brands that showcase the best of our country to the world,” he said.

“Our investment in Bega Cheese Limited is part of this commitment.

Australia’s second wealthiest man, Mr Forrest has spent the past few years investing in several large cattle properties as well as food production.

Last month, Balfour Downs pastoral station, which spans 634,000ha, was purchased by the Forrest family’s agribusiness company, Harvest Road.

The deal is subject to approval by the Western Australian Minister for Lands.

Balfour Downs was listed for sale by Chinese businessman Xingfa Ma in March last year, with a price tag between $32m and $40m.

Mr Forrest also made headlines in 2020 when he bought South Australian brand RM Williams, famed for their distinctive boots and outback wear.