The Business Herald’s markets and banking reporter.

Tegel hosts fund managers ahead of share float

Chicken producer Tegel is gearing up for a public share offer.
Chicken producer Tegel is gearing up for a public share offer.

Institutional investors from both sides of the Tasman will be shown around Tegel Foods facilities' in New Zealand this week ahead of a planned public share offer by the country's biggest poultry producer.

The site visits in Auckland and Christchurch, to be held tomorrow and Friday, are expected to be followed up with formal marketing of the deal - which is yet to be officially confirmed - as early as next week.

Sluggish IPO pipeline tipped for NZX this year
Tegel moves towards share offer

Auckland-based Tegel, owned by Asian private equity firm Affinity Equity Partners, has secured high-profile businessmen James Ogden, David Jackson and George Adams as independent directors as it gears up for a transtasman sharemarket listing either this month or in April.

The deal is expected to value Tegel at around $800 million and raise up to $500 million.

Affinity purchased the business for $605 million from Australia's Pacific Equity Partners in 2011.

Tegel has operations across the country and about 1700 staff.

Its holding company, Ross Group Holdings, reported earnings before interest and tax of $45.8 million from revenue of almost $563 million in the year to April 2015.

- NZ Herald

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