Ramp Tasmania Poultry acquires TasFoods from administration in A$6.5m deal
Administrator KPMG confirms sale ensures continued local operations and employment of all Tasmanian staff, avoiding liquidation redundancy costs.
Ramp Tasmania Poultry has acquired the ASX-listed TasFoods business from voluntary administration, a transaction facilitated by administrator KPMG that took effect on 1 June. The acquisition, executed through a Deed of Company Arrangement (DOCA) valued at A$6.5 million, secures the future of the Launceston-based poultry operator and preserves approximately 160 jobs across Tasmania.
The sale follows an unsuccessful attempt by TasFoods to sell its core Nichols Poultry business in March, which prompted the board to determine that voluntary administration was the most appropriate restructuring method. KPMG noted that the administration process attracted extensive interest from both Tasmanian and mainland Australian buyers, with the final proposal offering a superior outcome for stakeholders compared to liquidation.
Under the terms of the DOCA, Ramp agreed to assume employee leave liabilities and maintain continuity of service for the workforce. KPMG stated that the deal avoids the significant redundancy costs and operational wind-down that would have accompanied a liquidation scenario, ensuring the continued local operation of TasFoods and the employment of all Tasmanian staff under the new ownership.
Ramp Tasmania Poultry, a privately held entity led by CEO Brad McAuliffe, now operates as a co-owner of TasFoods alongside fellow directors. McAuliffe, who also oversees a portfolio of food businesses including Surf Coast Eggs and the Avgo Group, declined to disclose specific purchase price details, describing the transaction terms as commercially confidential.
Looking ahead, McAuliffe outlined a strategy to rebuild the business around the local Nichols brand. He stated that Ramp intends to return the brand to its grass roots, aiming to make it stronger than ever while keeping the team and jobs in Tasmania. KPMG turnaround and restructuring partner Tim Mableson welcomed the outcome, noting the preservation of the highly regarded local brand and its operations within the state.
