Dawn Meats confirms partnership with NZ co-op Alliance

Shareholders of New Zealand’s largest processor and exporter of sheepmeat, Alliance Group, have voted strongly in favour of a proposed joint venture with Irish meat processor Dawn Meats.

Dawn Meats, which trades as Dunbia in the UK, will now acquire a 65% stake in Alliance Group in return for a €132m (£115m) investment.

Almost 2,700 Alliance Group farmer-shareholders voted, with more than 87% of the vote in favour of the proposal.

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Alliance Group has six processing sites in New Zealand and already exports to more than 65 countries.

Dawn Meats operates 11 sites in Ireland and 13 in the UK, which collectively process about 1m cattle and 3.5m sheep each year.

Chief executive Niall Browne welcomed the outcome of the vote and said he looked forward to “maximising the potential of the new opportunities” available through the joint venture.

He said: “Following an extensive engagement and due diligence process, Dawn Meats put forward a strong strategic partnership proposal involving a significant investment in a world-class company that shares our values, ambition and commitment.”

As part of the proposal, Alliance Group’s farmer-shareholders will retain 35% ownership.

Roughly €98m (£85m) of the investment will be used to reduce Alliance Group’s short-term working capital.

Farmer-shareholders will also receive a share of almost €10m (£8.5m) during the 2026 financial year, with 45% due to be paid as a dividend and the remaining 55% as a supply-based rebate.

Further dividend and rebate payments are expected to be made in 2027.

Alliance Group chairman Mark Wynne said: “Our farmer-shareholders have given a clear mandate for Alliance to move forward in partnership with Dawn Meats.

“This essential investment will strengthen our financial position, enhance our operational capability and enable us to capture more value in market for our farmers and the country.”