Dawn Meats sells French beef stake back to joint venture partner

The Irish company said it is eyeing alternative opportunities in France after determining it and Terrena’s ambitions for Elivia were “not aligned”.

Dawn Meats bought the stake in 2015 for a price understood to have been around €40m.

At the time, the acquisition created a joint venture between Dawn and Terrena and was seen as establishing a bridgehead in France for the Irish producer. The 2015 acquisition included an option for Dawn to eventually buy up to 70pc of Elivia in 2018 and 2019 that was never exercised.

Commenting on the decision to sell, Dawn Meats CEO Niall Browne said: “We found that our vision for the French market and our ambition for the future strategic direction of Elivia is not aligned with that of our partner Terrena, and we have therefore decided to dispose of our shareholding in Elivia. We wish the company and its employees all the best in their future endeavours.”

In a statement, Dawn Meats said the French market is strategically important for beef and lamb, and it will continue to engage and develop new opportunities there.

The deal will see Terrena re-establish full control of France’s number two beef processor.