MP Capital Partners has co-advised ProTen Ltd, Australia’s largest independent contract grower of broiler chickens, on its $130 million capital raising to expand Australian chicken farm operations and redeem outstanding convertible preference shares.

This raising included $34 million in equity from a combination of a Hong Kong – based high net worth family, institutional investors and high net worth individuals from Australia, and existing shareholders in Australia and New Zealand. The balance of capital was sourced from ProTen’s senior lenders.

ProTen Ltd will pursue a growth strategy that will see its total production grow from 40 million chickens per year to 72 million, representing 11% of Australia’s production. The company’s farms are located in New South Wales and Western Australia, and operate under long – term contracts with Baiada, Australia’s largest chicken processor. Expansion into other protein related industries will also be contemplated as part of their growth strategy.

The equity was over-subscribed, highlighting the strong demand for Australian food and agriculture investments from both overseas and domestic investors, and for ProTen Ltd’s stable recurring revenue, consistent high margins and attractive growth opportunities.

MP Capital Partners was co-adviser to ProTen Ltd with Proserpine Capital Partners.