Tattarang

Last updated

Tattarang
FormerlyMinderoo Group
TypePrivately held company
Headquarters
Perth
,
Australia
Website tattarang.com

Tattarang is an Australian private investment company owned by Andrew Forrest and his family. Tattarang invests in a diverse range of businesses across agri-food, energy, health technology, property, resources, and lifestyle. The group is made up of six business divisions: Fiveight, Harvest Road, Squadron Energy, Tenmile, Wyloo Metals and Z1Z. [1]

Contents

Tattarang was previously known as Minderoo Group until May 2020 when the company was rebranded. The name is a tribute to a stallion owned by Forrest’s mother at the family’s Minderoo Station during the 1950s. [2]

Divisions

Harvest Road

Harvest Road concentrate on three core areas: meat, aquaculture and plant based. [3] As of March 2022, Forrest owns the agribusiness Harvest Road, [4] which deals in beef and seafood, with a focus on ethically and sustainably produced food. Harvest Road owns the brands Harvey Beef, Leeuwin Coast, and Ernest Green and Sons. [5]

Forrest acquired meat processing company Harvey Beef in May 2014 for A$40 million. The biggest exporter of beef in Western Australia, it was until August 2014 the only one accredited to export to China. [6] [7]

Squadron Energy

Squadron Energy is an Australian resources company focused on projects in natural resources and renewable energy. [8]

Squadron acquired 75 percent of wind farm developer Windlab in June 2020. [9]

In March 2022 Forrest, via Squadron, along with Atlassian co-founder Mike Cannon-Brookes, together invested A$210 million in the Australia-Asia Power Link project, which is backed by the Australian-Singaporean company Sun Cable. It includes the construction of a solar and battery farm 12,000 hectares (120 km2) in size at Powell Creek, Northern Territory, and a power cable to link it to Singapore (via Indonesia), leaving Australia at Murrumujuk beach, NT. Transmission was planned to start in 2026. [10] However, Sun Cable went into administration in January 2023 owing to disagreements between Forrest and Cannon-Brookes, and when put up for sale, both Squadron and Cannon-Brookes' company Grok Ventures put in bids for it by May 2023. [11]

In December 2022, Squadron acquired CWP Renewables, an Australian developer and owner of renewable energy systems, for over $4 billion. [12]

Wyloo Metals

Wyloo Metals is Tattarang's mining division. In December 2020, Wyloo acquired a near 38 percent stake in Canadian nickel mining company Noront Resources for US$26.5 million. [13] [14] In December 2021, Wyloo announced it would acquire Noront after BHP dropped out of the ensuing takeover battle. [15] The acquisition was completed in April 2022 and Noront was renamed Ring of Fire Metals in September 2022 after the region in Ontario. [16]

Wyloo began acquiring shares in mining company Western Areas in March 2021, reaching a 9.14 percent stake in January 2022. [17] [18] When IGO made a takeover offer for Western Areas in December 2021, Wyloo emerged as a potential rival bidder or disruptor of the deal. [19] [17] In February 2022, Wyloo and IGO struck a peace deal under which Wyloo would support IGO's bid and the two companies would form a joint venture to investigate and, if economically feasible, advance development of a downstream nickel processing facility in WA. [17] In April 2023, the Western Australian government allocated land in Kwinana Beach for the refinery, and Wyloo and IGO announced they were looking into integrating a plant producing precursor cathode active material at the proposed refinery. A final investment decision is due in 2024. [20] [21]

As of August 2021, Wyloo held a 12 percent stake in Poseidon Nickel and just under 5 percent of nickel producer Panoramic Resources. [22] In January 2022, it reduced its stake in Poseidon to under 5 percent. [23]

In August 2022, Wyloo made a A$150 million cornerstone investment in West Australian rare earths developer Hastings Technology Metals. The investment allowed Hastings to purchase a 22 percent stake in Canadian magnet maker Neo Performance Materials. [24] [25]

On 21 March 2023, Wyloo made a A$760 million takeover bid for nickel miner Mincor Resources. Wyloo at the time already held a 19.99 percent stake in Mincor. [26] By 5 July 2023, Wyloo's stake had increased to over 90 percent. [27]

Fiveight

Fiveight invests in, develops and manages residential, commercial and industrial property. On 29 April 2022 it was announced that Fiveight bought the Carillon City centre for AU$80 million. Fiveight owns Cottesloe’s Indiana Teahouse, East Perth Power Station and 190 Saint Georges Terrace, all of which it plans to redevelop. [28] In February 2023, Fiveight acquired the Waldorf Astoria Sydney, a hotel in development in Circular Quay, for around A$520 million. [29]

Z1Z

Z1Z is Tattarang's hospitality and lifestyle arm. It operates the luxury Gaia spa in Byron Bay, [30] Cape Lodge hotel in Margaret River, [31] and restaurants Cooee at the Old Swan Brewery and Indigo Oscar at Indiana Teahouse. [32] [33]

Tenmile

Tenmile is a venture capital firm which invests in health technology companies and solutions delivering life-changing ideas and better health outcomes. It launched in August 2022 with a $250 million fund. It is named after a pool of water on the Ashburton River. [34]

Other businesses and stakes

R. M. Williams

Tattarang purchased footwear and clothing company RM Williams in 2020 from Hong Kong based owner L Catterton. [35] The (originally Australian) company had been partly owned by French luxury brand conglomerate LVMH since 2013. [36] The company was purchased for $190 million. [37] Around 35 per cent of RM Williams' manufacturing is done offshore, and Forrest has said he will return this part of the business's manufacture to Australia. [37]

SFM Marine

SFM Marine is a maritime services company owned by Tattarang after it acquired Northport Marine Services in 2020 and rebranded it. [38] [39] In 2021, SFM Marine acquired Henderson-based company The Boat Business. [40]

Stakes in other companies

Tattarang holds a 19.3 percent stake in WA-based shipbuilder Austal, [29] a 18.5 percent stake in cattle and beef producer Australian Agricultural Company, [41] and a 11.5 percent stake in food and drinks company Bega Group. [42] In July 2022, Tattarang increased its stake in beauty company BWX Group to 19.9 percent. [43] In January 2023, Tattarang took a minority stake in Australian fashion brand Camilla in a deal reported to be worth around $40 million. [44]

Ukraine Green Growth Initiative

In 2022, Andrew Forrest stated that he will invest $740 million in businesses in Ukraine to help their economy recover. [45] This investment fund will focus on primary infrastructure such as energy and communications to build a digital green grid, so Ukraine can become a model for the world as a leading digital green economy.

Company affairs

John Hartman was appointed CEO of Tattarang in October 2022, replacing Andrew Hagger who was CEO since 2019. [46] Luca Giacovazzi is CEO of Wyloo Metals. [47] Jason Willoughby has been CEO at Squadron Energy since January 2023, taking over from Eva Hanly who was CEO since July 2022. [48] [49] Joost Heymeijer has been CEO of Z1Z since June 2022. [50] Paige Walker will commence her role as the inaugural CEO of Fiveight in July 2023. [51]

The company has been headquartered at the Old Swan Brewery since April 2020. [52] It previously operated out of the former Sunset Hospital site in Dalkeith. [53]

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References

  1. ↑ "Who We Are". Tattarang. Retrieved 3 December 2022.
  2. ↑ Newell, Daniel; Newell, Laura (13 May 2020). "Andrew Forrest rebrands family business interests" . The West Australian. Retrieved 10 January 2023.
  3. ↑ "Harvest Road". Tattarang. Retrieved 3 December 2022.
  4. ↑ O'Connor, Ted (14 March 2022). "Andrew Forrest's purchase of Kimberley cattle stations has traditional owners hopeful of social benefits". ABC News. ABC Kimberley. Australian Broadcasting Corporation . Retrieved 31 March 2022.
  5. ↑ "Our Business". Harvest Road. Retrieved 31 March 2022.
  6. ↑ Thompson, Brad (2 May 2014). "Forrest buys Harvey Beef for $40m". The West Australian . Retrieved 2 May 2014.
  7. ↑ Roman, Hayley (4 August 2014). "Chinese meat importer inks $1 billion deal with WA processor V&V Walsh". ABC News . Australia. Retrieved 26 April 2017.
  8. ↑ "Squadron Energy". Tattarang. Retrieved 3 December 2022.
  9. ↑ Aston, Joe (4 April 2023). "Apple's Tim Cook expels Andrew Forrest's hot air". Australian Financial Review. Retrieved 27 April 2023.
  10. ↑ "Twiggy Forrest, Mike Cannon-Brookes lead $210m raise for intercontinental solar power project". Business News Australia. 14 March 2022.
  11. ↑ Terzon, Emilia (5 May 2023). "Sun Cable: Why Australia's two richest men are battling to control an unbuilt solar farm". ABC News (Australia) . Retrieved 5 May 2023.
  12. ↑ Williams, Perry (7 December 2022). "Andrew Forrest biggest green player after $4bn CWP play" . The Australian . Retrieved 3 March 2023.
  13. ↑ Brad, Thompson (16 September 2022). "Meet the Forrest young gun who shot down BHP". Australian Financial Review. Retrieved 13 March 2023.
  14. ↑ Hiyate, Alisha (29 June 2022). "Post Noront takeover, Wyloo gets to work on Ring of Fire assets: Exclusive interview". The Northern Miner. Retrieved 13 March 2023.
  15. ↑ Kumar, Arunima; Nainan, Nikhil Kurian; C S, Yamini (22 December 2021). "Wyloo to buy nickel miner Noront after BHP drops off from race". Reuters. Retrieved 13 March 2023.
  16. ↑ Eastwood, Alexandra (28 September 2022). "Noront Resources renamed Ring of Fire Metals as activity recommences". Australian Mining. Retrieved 13 March 2023.
  17. 1 2 3 McKinnon, Stuart (17 February 2022). "IGO, Forrest strike peace deal over Western Areas". The West Australian. Retrieved 3 April 2023.
  18. ↑ Ker, Peter (26 January 2022). "Forrest fuels another nickel bidding war". Australian Financial Review. Retrieved 3 April 2023.
  19. ↑ Mishra, Savyata (16 December 2021). "Australian miner IGO to buy Western Areas for $785 million in EV battery push". Reuters. Retrieved 3 April 2023.
  20. ↑ Jackson, Lewis (14 April 2023). "Australia signs land deal for proposed battery material plant". Reuters. Retrieved 26 April 2023.
  21. ↑ Ker, Peter (14 April 2023). "Forrest and IGO signal battery metals processing plant" . Australian Financial Review. Retrieved 26 April 2023.
  22. ↑ Evans, Nick (31 August 2021). "Andrew Forrest's Wyloo Metals ups the ante in fight for control of Noront Resources". The Australian. Retrieved 3 April 2023.
  23. ↑ Ker, Peter (26 January 2022). "Forrest fuels another nickel bidding war". Australian Financial Review. Retrieved 3 April 2023.
  24. ↑ Iannucci, Esmarie. "Hastings takes a stake in TSX-listed Neo, funding it with Wyloo cash". Mining Weekly. Retrieved 14 March 2023.
  25. ↑ Ker, Peter; Thompson, Brad (26 August 2022). "Forrest pumps $150m into rare earths aspirant". Australian Financial Review. Retrieved 14 March 2023.
  26. ↑ Thompson, Brad (20 March 2023). "Forrest in $760 million takeover bid for BHP nickel supplier". Australian Financial Review. Retrieved 1 April 2023.
  27. ↑ Thompson, Brad (5 July 2023). "Forrest makes a 'whatever it takes' bet on clean nickel" . Australian Financial Review. Retrieved 5 July 2023.
  28. ↑ "Dexus to sell Carillon". Business News. 29 April 2022. Retrieved 3 December 2022.
  29. 1 2 Bleby, Michael (21 February 2023). "Forrest spends $520m on Australia's first Waldorf hotel". Australian Financial Review. Retrieved 23 February 2023.
  30. ↑ LaFrenz, Carrie (21 October 2021). "Music legend sells her luxury Byron spa for $30m to Andrew Forrest". Australian Financial Review. Retrieved 12 January 2023.
  31. ↑ "Tattarang to acquire Margaret River's iconic Cape Lodge". The Hotel Conversation. 8 December 2021. Retrieved 12 January 2023.
  32. ↑ Collins, Simon (29 September 2020). "Twiggy's first restaurant to revive Old Swan Brewery". The West Australian. Retrieved 12 January 2023.
  33. ↑ Ryan, Clare (2 December 2021). "Vibrant Bar and Dining Room Indigo Oscar Brings Latin American Flavours to Cottesloe's Indiana Teahouse". Broadsheet. Retrieved 12 January 2023.
  34. ↑ Wignell, Liam (16 August 2022). "Tattarang launches $250M health and biotech VC". Startup News in WA, events, advice, podcasts and ecosystem. Retrieved 12 January 2023.
  35. ↑ Thompson, Sarah; Macdonald, Anthony; Boyd, Tim (17 October 2020). "Forrest family's Tattarang stitches up $190m RM Williams deal". Australian Financial Review. Retrieved 12 January 2023.
  36. ↑ "'Decision of the heart': Andrew Forrest buys iconic bootmaker RM Williams". ABC News. 18 October 2020. Retrieved 10 February 2022.
  37. 1 2 "Andrew Forrest wants RM Williams to be fully true blue". Australian Financial Review. 27 January 2021. Retrieved 10 February 2022.
  38. ↑ "SFM Marine". Business News. Retrieved 23 February 2023.
  39. ↑ "SFM Marine - the new name in premier maritime services and investment". Tattarang. Retrieved 23 February 2023.
  40. ↑ Purnell, Kate (17 September 2021). "Twiggy sets sail on a tide of new skippers" . The West Australian. Retrieved 23 February 2023.
  41. ↑ Yun, Jessica (23 November 2022). "Billionaire beef battle sizzles as Andrew Forrest buys $11.6m wagyu stake". The Sydney Morning Herald. Retrieved 1 April 2023.
  42. ↑ Evans, Simon (24 July 2022). "Andrew Forrest creeps up on Bega Cheese". Australian Financial Review. Retrieved 23 February 2023.
  43. ↑ Kruger, Colin (6 July 2022). "Andrew 'Twiggy' Forrest lifts stake in Zoe Foster Blake linked beauty business BWX". The Sydney Morning Herald. Retrieved 4 April 2023.
  44. ↑ Koehn, Emma (27 January 2023). "Forrest family backs Australian fashion brand Camilla". The Sydney Morning Herald. Retrieved 28 April 2023.
  45. ↑ Bagshaw, Eryk (17 November 2022). "Andrew Forrest's $740 million bet on Ukraine". The Sydney Morning Herald. Retrieved 12 January 2023.
  46. ↑ Milne, Peter (24 October 2022). "Andrew Forrest loses boss of his private empires". The Sydney Morning Herald. Retrieved 1 April 2023.
  47. ↑ Ross, Ian (16 April 2022). "'Actions speak louder than words,' says Wyloo Metals CEO on their Ring of Fire plans". Northern Ontario Business. Retrieved 1 April 2023.
  48. ↑ Evans, Nick; Williams, Perry (11 January 2023). "Andrew Forrest moves Squadron boss Eva Hanly from post after six months". The Australian . Retrieved 2 April 2023.
  49. ↑ "Eva Hanly to lift Squadron Energy to new heights as CEO". Business Acumen. 30 June 2022. Retrieved 2 April 2023.
  50. ↑ Prior, Neale (26 June 2022). "Forrests go Dutch in push to grow luxury resort operations". The West Australian. Retrieved 2 April 2023.
  51. ↑ Page, Hannah (23 March 2023). "Walker to lead Forrest's property arm Fiveight - Australian Property Journal". Australian Property Journal. Retrieved 1 April 2023.
  52. ↑ "The Swan (Old Swan Brewery)". Fiveight. Retrieved 1 April 2023.
  53. ↑ "Twiggy snaps up another WA landmark" . The West Australian. 3 July 2019. Retrieved 1 April 2023.
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