Brownes Dairy to seek buyers next year

Australia’s Brownes Dairy plans to formally seek a buyer, or investment in the business, next year. McGrathNicol Restructuring was appointed receivers of the shares in Australian Zhiran Co. Pty Ltd, Brownes Dairy’s ultimate holding company, in April. According to a report by The Australian Financial Review in April, Brownes Dairy was put on the block after China’s Mengniu Dairy Co. called in a $200m loan. Brownes was sold – by Archer Capital, which bought it in 2011 – to Australia Zhiran Co. in 2017, a ...