PSP Investments - AAA Egg Company

MN-55024

Perlaide Eggs 2 Pty Limited (**Perlaide**) proposes to acquire 100% of the shares in AAA Egg Company Pty Ltd (**AAA Egg Company)** (the **Acquisition**). Perlaide is a newly established entity wholly owned by the Public Sector Pension Investment Board (**PSP Investments**). PSP Investments is a Canadian pension investment manager with a global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources and credit investments. PSP Investments also holds approximately 64% of the equity in Ellerslie Free Range Farms Pty Ltd (**Ellerslie**). Ellerslie is a Queensland-based agricultural business in the egg farming and production sector. Ellerslie produces caged, cage free, free range, pasture raised and organic shell eggs, liquid eggs, and organic feed. Ellerslie sells graded shell eggs to wholesalers or distributors, who distribute them predominantly across the East Coast of Australia. Ellerslie has: * a 50% interest in Hall & McLean Pty Ltd, a joint venture with McLean Farms, operating an egg production business in Queensland, with a focus on liquid eggs * a 50% interest in Sunny Queen, a joint venture with McLean Farms operating an egg distribution business primarily on the East Coast of Australia. Sunny Queen grades, packages, and distributes shell eggs and liquid and meal egg products to wholesalers * a 70% interest in LPC Group, a shell egg production business operating in New South Wales, which supplies both feed and ungraded shell eggs to third parties. AAA Egg Company is an egg producer, distributor and marketer, which produces cage, barn and free-range shell eggs, cracked and liquid eggs, and surplus feed. AAA Egg Company predominantly supplies products to retailers, wholesalers and foodservice providers in Western Australia and South Australia. AAA Egg Company wholly owns: * West Coast Eggs (trading as Golden Egg Farms), which markets eggs in Western Australia * Days Eggs Pty Ltd, which operates multiple egg farms in South Australia and markets eggs in South Australia * Southern Egg Pty Ltd, which operates in South Australia * Sunrange Farm Pty Ltd * Nufeeds, which operates a feedmill in Western Australia.