Alliance Group farmer-shareholders have approved a proposed $270 million investment by the Irish meat processor Dawn Meats.
According to the agreement, Dawn Meats will purchase a 65% share in Alliance Group, while farmer-shareholders will keep 35% ownership.
Over 2600 shareholders participated in the vote, representing 92.5 million shares, or over 88% of all shares issued.
More than 87% of those shareholders endorsed the proposal.
“Our farmer-shareholders have given a clear mandate for Alliance to move forward in partnership with Dawn Meats. This is a vote of trust in our people, our operations and our vision,” Alliance chair Mark Wynne said. He noted that the result demonstrated solid confidence from the company’s farmer-owners in its vision and leadership.
Wynne said the partnership came after a two-year effort to reset and recapitalise the business following difficult years for the meat industry.
“The Board explored every option to secure Alliance’s future. The Dawn Meats proposal stood out as the best strategic and financial path forward, a view confirmed by independent adviser Northington Partners.”
He mentioned that the investment would enhance Alliance’s balance sheet, lower debt, and allow for increased capital investment in technology and efficiency.
Approximately $200 million of the investment will go toward reducing the company’s short-term working capital facility, while the remainder will be allocated to strategic projects.
Alliance intends to distribute up to $20 million in both the 2026 and 2027 financial years to farmers and shareholders via a combination of dividends and supply-based rebates, plus an additional $25 million dividend from the joint venture’s performance.
Dawn Meats chief executive Niall Browne expressed excitement with the voting results.
“Having the ability to now grow in partnership with some of New Zealand’s leading farmers and create a year-round supply for our customers between the Northern and Southern Hemispheres is a fantastic opportunity – and one our customers are already responding to.”