Itoham acquires New Zealand’s Greenlea Group in US$450.8M beef expansion

NEW ZEALAND – Japan’s Itoham Yonekyu Holdings has agreed to acquire New Zealand beef producer Greenlea Group in a deal valued at approximately NZ$800 million (US$450.8 million), further strengthening its presence in the country’s meat sector.

The acquisition, which will be completed through Itoham’s New Zealand subsidiary Anzco Foods, remains subject to regulatory approval and is expected to close by the end of August.

Family-owned Greenlea Group, based in Hamilton and trading as Greenlea Premier Meats, generated NZ$615 million (US$346.6 million) in revenue and NZ$59 million (US$33.3 million) in pre-tax profit during the financial year ended September 2024.

The company operates two beef processing plants in the Waikato region, specialising in grass-fed New Zealand beef for domestic and export markets.

Deal supports long-term global protein strategy

Itoham said the acquisition aligns with its long-term 2035 strategy to strengthen its overseas operations and expand its global supply of animal protein.

The company said New Zealand’s reputation for sustainable beef production and its position as the world’s seventh-largest beef exporter make the country a strategic location for future growth.

According to Itoham, Greenlea’s established relationships with local producers and communities, together with its operational efficiency, are expected to generate significant synergies with Anzco Foods.

The acquisition is also expected to position Anzco among New Zealand’s most profitable meat processors while strengthening Itoham’s business foundation in the country.

Expanding New Zealand meat operations

Headquartered in Christchurch, Anzco Foods supplies beef and lamb to international markets and is led by Chief Executive Officer Peter Conley.

For the year ended December 2025, Anzco reported revenue of NZ$2.1 billion (US$1.18 billion), EBITDA of NZ$104 million (US$58.6 million), pre-tax profit of NZ$55 million (US$31 million), and net profit of NZ$40 million (US$22.5 million).

Itoham has steadily expanded its investment in Anzco over the past decade, acquiring the remaining 35% stake in the company in 2018 after previously holding a 65% ownership interest.

The Greenlea acquisition further reinforces Itoham’s strategy of building a resilient international meat supply network while increasing production capacity to meet growing global demand for sustainably produced beef.

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