The owner of one of Australia’s largest egg suppliers, Pace Farm, is working closely with bankers at Morgan Stanley on a deal which could see the 40-year-old company trade to a new owner in a billion-dollar deal, Street Talk understands.
That’s a quick turnaround for private equity firm Roc Partners, which acquired Pace Farm just two and a half years ago from founders Frank and Dianna Pace for less than the $350 million figure initially reported, and a good story to tell as it seeks to raise a new $600 million food fund.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com