Rangatira Investments-controlled Hellers has hired investment bank Cameron Partners to review its business, amid reports New Zealand's biggest producer of bacon, ham and smallgoods is for sale.
The Christchurch-based company said in a statement it's considering options for the future direction of the business and has hired the investment bank to help review its business.
The statement came after the Australian Financial Review's Street Talk column reported Cameron Partners was gauging interest in a two-stage auction of the meat producer, naming JBS Australia and Affinity Equity Partners as potential bidders. The AFR reported Hellers generates annual earnings of $20 million.
"As part of this review Hellers has commenced a review of its capital and ownership structure and has appointed independent professional advisors including Cameron Partners to assist with this process," the company said.
"No decisions have been made and it remains business as usual at Hellers. We will not make any further comment until the review is complete."
Wellington investment firm Rangatira increased its stake in Hellers to 63 per cent from 50 per cent in late 2015, paying $9.5m for the extra shares, and valuing the investment at $52.2m at the time.
In the June 2017 year, Rangatira recognised a $36.3m revaluation gain on the Hellers stake after the meat company acquired Gramart Foods.
The investment firm didn't split out the value of its Hellers take in the 2017 annual report, although it recognised the value of the meat firm's goodwill at $27.7m as at June 30.