Dairy

The assets, acquired through Warakirri-managed venture Aurora Dairies, will sell all milk to Beston Global Food Co for 10 years.

With a further $14bn injection into the USDA expected to land in July, the intervention suggests trouble runs deep – the reality is a little more complicated.

Rabobank’s Global Dairy Quarterly finds upwards price growth in late 2019 stalled early this year, with the uncertainty over covid-19 leading to investors scrambling to assess the impact.

The move comes after two failed follow-on fundraising attempts and a raft of senior departures over the years.

Increased capital requirements for New Zealand’s banks will lead to higher interest rates and less appetite to lend to sectors like agriculture.

NAB and Dairy Australia said continuing high input costs, exacerbated by drought, have led to a decline in production, with further falls expected this year.

AgFunder founding partner Rob Leclerc says his firm’s dedicated alternative protein fund has attracted incumbents from the meat and dairy space who see the fledgling market as ‘a hedge’.

The NZ co-operative has taken its stake to 99.9% and has offered to buy the remaining 0.1 percent, with the Chilean business recently impacted by ‘challenging market conditions’.

Chief executive Perry Vieth says LPs in the targeted $25m first close for Ceres Sustainable Food and Agriculture Opportunity Fund II will be offered reduced management and incentive fees.

Perfect Day uses fermentation to create animal-free dairy products such as cheese and ice cream to overcome dietary and sustainability challenges.