As part of a reorganisation of its business, The Lauridsen Group merged BHJ’s proteins and stock ingredient division with another of its portfolio company’s, Proliant, to create a new brand called Essentia Protein Solutions. That left BHJ focused on raw pet foods.

Great Dane

Of some note, Staughton was part-owned by AGR Partners, which manages around $US1 billion ($1.5 billion) in investments focused on the agribusiness sector. Among its investments is Ridley.

The sale of Staughton to BHJ closed on Friday, sources said. It is the latest in a flurry of activity in the sector, with Sweden’s EQT Partners splashing out $1.4 billion for VetPartners.

Affinity Equity Partners, Goldman Sachs’ private equity division and Permira Private Equity had also expressed interest in VetPartners, which operates more than 260 clinics in Australia, New Zealand and Singapore.

Also on the auction block was Greencross, a pet food and veterinary business which was to be sold to pharmaceutical and animal goods distributor EBOS for $3.75 billion in November. At the last minute, however, EBOS pulled out of the transaction.

Staughton is a much smaller business than both VetPartners and Greencross, but it has been growing sales strongly.

Its most recent accounts lodged with the corporate regulator shows revenues of $156.9 million in 2022, up from $132.1 million in 2021. Still, the company recorded a loss of $913,000 after paying large interest charges.