Historic Dingo Flour mill gets new owner

The iconic Dingo Flour mill in North Fremantle is coming under new ownership after Graincorp and Cargill Australia agreed to sell their Allied Mills Australia joint venture to private equity group Pacific Equity Partners.

Graincorp will reap $190 million from the sale of its 60 per cent stake in the JV.

The deal puts an enterprise value (debt plus equity) of $455 million on the Allied Mills business.

The deal includes the sale of the historic Dingo mill in North Fremantle along Stirling Highway, which is listed on the National Trust of Australia and the State Heritage Register.

“Along with Cargill, we have been joint venture investors in Allied Mills for over 15 years,” Graincorp chief executive Mark Palmquist said.

“We would like to thank the management and employees of Allied Mills for our successful relationship over such a long period.”

Graincorp has owned the 60 per cent stake in Allied Mills since acquiring it from Goodman Fielder in 2002.

Gilbert + Tobin acted as legal adviser to Graincorp, with Credit Suisse acting as financial adviser to both Graincorp and Cargill.