Poultry empire Moy Park eyes £1bn stock float
MARFRIG, the Brazilian owner of food giant Moy Park, is exploring plans for a London public offering of the firm which could value the poultry producer at £1bn.
Moy Park, which supplies meat to fast food chains, including McDonald’s and Burger King, issued £200m of bonds earlier in the year, seen as a precursor to a float.
In its interim results last week, Marfrig said: “We continue to exploit alternatives to accelerate growth at both Moy Park and Keystone [its American subsidiary]. Moy Park successfully tapped the sterling bond market in May 2014, opening up our story to a host of new and important UK investors.
“We believe Moy Park could be well positioned for an IPO [initial public offering] if we decide to pursue that path.”
Moy Park’s revenue rose 18.2 per cent to 1.3bn Brazilian Real (£354.4m) during the quarter to 30 June, while its margins rose from 5.9 per cent to seven per cent.
Marfrig acquired Moy Park in 2008 for £400m as the Brazilian group looked to expanded its food empire, but Marfrig now carries a £1.9bn debt pile that it is looking to reduce.
Moy Park declined to comment.