One of Australia’s leading cattle studs, Palgrove, hunts for CEO

A new era dawns for Australia’s largest seedstock enterprise, Palgrove, as David and Prue Bondfield step back from daily operations.

STEPPING BACK: David and Prue Bondfield of Palgrove will step back from daily operations once they hire a new chief executive officer.

DAVID and Prue Bondfield will step aside from daily operations of Palgrove.

Palgrove is one of the largest seedstock and commercial producers in Australia and own significant land assets across Queensland and New South Wales.

Just last month Palgrove added the 3618ha Gilgal aggregation near Cootamundra to their portfolio for an undisclosed price.

The aggregation, which includes the Gilgal, Winona and O’Connor’s properties, was listed for sale last August for the first time in 150 years, following five generations of ownership by the Ward family.

When listed, it had a price guide of $27 million to $32 million.

In a press release this afternoon, Palgrove announced both David and Prue would remain as directors but were looking for someone to become chief executive officer.

Mr Bondfield said well-planned business succession was critical to the success of an innovative enterprise like Palgrove.

“Our generationally proven genetics will continue to play a key role in the future growth – this is just the next step in that process,” he said.

“For our seedstock clients, it’s business as usual, with Ben Noller, genetics and business development manager, now well established at Palgrove to drive the breeding and sales program into the future.”

Mr Noller joined Palgrove in 2017, following a three-year stint as the general manager of the Santa Gertrudis Association.

Mr Bondfield will retain his governance responsibilities and remain as CEO until the vacancy is filled and will continue to provide advisory support to the business.

He said a partnership formed in 2017 with the New Zealand Superannuation Fund gave the Palgrove business the capacity to grow cattle numbers to meet increasing demand, and to leverage their quality genetics into Palgrove’s own premium commercial beef production systems.

NZSF portfolio manager Neil Woods said their confidence in the Palgrove business and the Australian beef sector remained strong and looked forward to continuing to invest in growing the business.

Mr Bondfield confirmed his support of the Palgrove management team and staff as he transitions to a governance role, and is confident in their capacity and commitment to drive the business forward.

The Bondfields speak highly of their partnership with NZSF, saying the family farming/corporate joint venture has created a highly efficient model for the business to achieve its production and growth strategies.

“Continuing to build scale has been a challenge during the drought, but we see enormous opportunity for the business to meet its growth objectives in 2020,” Mr Bondfield said.

Palgrove Management Pty Ltd Board chair Leith Boully said David and Prue had built a successful livestock business by focusing on quality livestock, property management, staff relationships, and by responding to their clients’ needs.

“The value David has created around relationships is a key element to the success of Palgrove, and the Board wants to build on what he has done by introducing a new CEO with similar personal qualities and commitment to clients,” Ms Boully said.

“Fortunately, we are not losing his knowledge, insight and relationships.

“A recruitment process is now underway through Rimfire Resources to appoint a new CEO who will lead the Palgrove business into its next phase of expansion.”

FAST FACTS

– The Palgrove success story dates back to 1969 when David’s parents, Peter and Valerie, introduced Charolais to their existing Shorthorn and Brahman herds in an effort to lift weights and yields.

– The Bondfield’s, from their base at Dalveen, just south of Warwick in Queensland, run their beef operations across four districts and two states.

– Operating on the notion that “information is the most powerful tool”, their Palgrove Charolais, Charbray and Ultrablack studs have attracted a loyal following from beef producers across the nation seeking structurally sound cattle backed by impressive performance figures.

– The Bondfields have collected major interbreed titles at shows across Australia and, while they have moved away from the show ring in recent years, they have new-found success in leading steer and carcass competitions.

– Palgrove, winners of The Weekly Times Coles 2016 Farmer of the Year, operate an extensive property portfolio in northern NSW and Queensland and run about 5000 registered cattle.