Tattarang Explained

Tattarang
Former Name:Minderoo Group
Type:Privately held company
Hq Location City:Perth
Hq Location Country:Australia

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]

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], 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 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] Ownership of Windlabs' Wongalee and Prairie projects were transferred to Fortescue Future Industries in February 2024.[10]

In March 2022 Forrest, via Squadron, along with Atlassian co-founder Mike Cannon-Brookes, together invested 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 12000ha 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.[11] 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.[12]

In December 2022, Squadron acquired CWP Renewables, an Australian developer and owner of renewable energy systems, for over $4 billion.[13]

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.[14] [15] In December 2021, Wyloo announced it would acquire Noront after BHP dropped out of the ensuing takeover battle.[16] The acquisition was completed in April 2022 and Noront was renamed Ring of Fire Metals in September 2022 after the region in Ontario.[17]

Wyloo began acquiring shares in mining company Western Areas in March 2021, reaching a 9.14 percent stake in January 2022.[18] [19] When IGO made a takeover offer for Western Areas in December 2021, Wyloo emerged as a potential rival bidder or disruptor of the deal.[20] 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. 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.[21] [22]

, Wyloo held a 12 percent stake in Poseidon Nickel and just under 5 percent of nickel producer Panoramic Resources.[23] In January 2022, it reduced its stake in Poseidon to under 5 percent.[24]

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.[25] [26]

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.[27] By 5 July 2023, Wyloo's stake had increased to over 90 percent.[28]

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.[29] In February 2023, Fiveight acquired the Waldorf Astoria Sydney, a hotel in development in Circular Quay, for around A$520 million.[30]

Z1Z

Z1Z is Tattarang's hospitality and lifestyle arm. It operates the luxury Gaia spa in Byron Bay,[31] Cape Lodge hotel in Margaret River,[32] and restaurants Cooee at the Old Swan Brewery and Indigo Oscar at Indiana Teahouse.[33] [34]

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.[35]

Other businesses and stakes

R. M. Williams

Tattarang purchased footwear and clothing company RM Williams in 2020 from Hong Kong based owner L Catterton.[36] The (originally Australian) company had been partly owned by French luxury brand conglomerate LVMH since 2013.[37] The company was purchased for $190 million.[38] 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.

Akubra

Tattarang acquired Australian hatmaker Akubra in November 2023.[39]

SFM Marine

SFM Marine is a maritime services company owned by Tattarang after it acquired Northport Marine Services in 2020 and rebranded it.[40] [41] In 2021, SFM Marine acquired Henderson-based company The Boat Business.[42]

Stakes in other companies

Tattarang holds a 19.3 percent stake in WA-based shipbuilder Austal, a 18.5 percent stake in cattle and beef producer Australian Agricultural Company,[43] and a 11.5 percent stake in food and drinks company Bega Group.[44] In July 2022, Tattarang increased its stake in beauty company BWX Group to 19.9 percent.[45] In January 2023, Tattarang took a minority stake in Australian fashion brand Camilla in a deal reported to be worth around $40 million.[46]

Ukraine Green Growth Initiative

In 2022, Andrew Forrest stated that he will invest $740 million in businesses in Ukraine to help their economy recover.[47] 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.[48] Luca Giacovazzi is CEO of Wyloo Metals.[49] Jason Willoughby has been CEO at Squadron Energy since January 2023, taking over from Eva Hanly who was CEO since July 2022.[50] [51] Joost Heymeijer has been CEO of Z1Z since June 2022.[52] Paige Walker will commence her role as the inaugural CEO of Fiveight in July 2023.[53]

The company has been headquartered at the Old Swan Brewery since April 2020.[54] It previously operated out of the former Sunset Hospital site in Dalkeith.[55]

External links

Notes and References

  1. Web site: Who We Are . 3 December 2022 . Tattarang . en-AU.
  2. Web site: Newell . Daniel . Newell . Laura . 13 May 2020 . Andrew Forrest rebrands family business interests . subscription . 10 January 2023 . The West Australian . en.
  3. Web site: Harvest Road . 3 December 2022 . Tattarang . en-AU.
  4. Web site: O'Connor . Ted . 14 March 2022 . Andrew Forrest's purchase of Kimberley cattle stations has traditional owners hopeful of social benefits . 31 March 2022 . ABC News . ABC Kimberley . Australian Broadcasting Corporation.
  5. Web site: Our Business . 31 March 2022 . Harvest Road.
  6. Web site: Thompson, Brad . 2 May 2014 . Forrest buys Harvey Beef for $40m . 2 May 2014 . The West Australian.
  7. Web site: Roman, Hayley . 4 August 2014 . Chinese meat importer inks $1 billion deal with WA processor V&V Walsh . 26 April 2017 . . Australia.
  8. Web site: Squadron Energy . 3 December 2022 . Tattarang . en-AU.
  9. Web site: Aston . Joe . 4 April 2023 . Apple’s Tim Cook expels Andrew Forrest’s hot air . subscription . 27 April 2023 . Australian Financial Review . en.
  10. Web site: Ker . Peter . Thompson . Brad . 2024-07-24 . Forrest’s private Windlab sells big wind projects to Fortescue . subscription . 2024-07-27 . Australian Financial Review . en.
  11. Web site: 14 March 2022 . Twiggy Forrest, Mike Cannon-Brookes lead $210m raise for intercontinental solar power project . Business News Australia.
  12. Web site: Terzon . Emilia . Sun Cable: Why Australia's two richest men are battling to control an unbuilt solar farm. . 5 May 2023 . 5 May 2023.
  13. News: Williams . Perry . 7 December 2022 . Andrew Forrest biggest green player after $4bn CWP play . . subscription . 3 March 2023.
  14. Web site: Brad . Thompson . 16 September 2022 . Meet the Forrest young gun who shot down BHP . 13 March 2023 . Australian Financial Review . en.
  15. Web site: Hiyate . Alisha . 29 June 2022 . Post Noront takeover, Wyloo gets to work on Ring of Fire assets: Exclusive interview . 13 March 2023 . The Northern Miner . en-US.
  16. News: Kumar . Arunima . Nainan . Nikhil Kurian . C S . Yamini . 22 December 2021 . Wyloo to buy nickel miner Noront after BHP drops off from race . en . Reuters . 13 March 2023.
  17. Web site: Eastwood . Alexandra . 28 September 2022 . Noront Resources renamed Ring of Fire Metals as activity recommences . 13 March 2023 . Australian Mining . en-AU.
  18. Web site: McKinnon . Stuart . 17 February 2022 . IGO, Forrest strike peace deal over Western Areas . 3 April 2023 . The West Australian . en.
  19. Web site: Ker . Peter . 26 January 2022 . Forrest fuels another nickel bidding war . 3 April 2023 . Australian Financial Review . en.
  20. News: Mishra . Savyata . 16 December 2021 . Australian miner IGO to buy Western Areas for $785 million in EV battery push . en . Reuters . 3 April 2023.
  21. News: Jackson . Lewis . 14 April 2023 . Australia signs land deal for proposed battery material plant . en . Reuters . 26 April 2023.
  22. Web site: Ker . Peter . 14 April 2023 . Forrest and IGO signal battery metals processing plant . subscription . 26 April 2023 . Australian Financial Review . en.
  23. Web site: Evans . Nick . 31 August 2021 . Andrew Forrest’s Wyloo Metals ups the ante in fight for control of Noront Resources . 3 April 2023 . The Australian.
  24. Web site: Ker . Peter . 26 January 2022 . Forrest fuels another nickel bidding war . 3 April 2023 . Australian Financial Review . en.
  25. Web site: Iannucci . Esmarie . Hastings takes a stake in TSX-listed Neo, funding it with Wyloo cash . 14 March 2023 . Mining Weekly . en.
  26. Web site: Ker . Peter . Thompson . Brad . 26 August 2022 . Forrest pumps $150m into rare earths aspirant . 14 March 2023 . Australian Financial Review . en.
  27. Web site: Thompson . Brad . 20 March 2023 . Forrest in $760 million takeover bid for BHP nickel supplier . 1 April 2023 . Australian Financial Review . en.
  28. Web site: Thompson . Brad . 2023-07-05 . Forrest makes a ‘whatever it takes’ bet on clean nickel . subscription . 2023-07-05 . Australian Financial Review . en.
  29. Web site: 29 April 2022 . Dexus to sell Carillon . 3 December 2022 . Business News . en.
  30. Web site: Bleby . Michael . 21 February 2023 . Forrest spends $520m on Australia’s first Waldorf hotel . 23 February 2023 . Australian Financial Review . en.
  31. Web site: LaFrenz . Carrie . 21 October 2021 . Music legend sells her luxury Byron spa for $30m to Andrew Forrest . 12 January 2023 . Australian Financial Review . en.
  32. Web site: 8 December 2021 . Tattarang to acquire Margaret River’s iconic Cape Lodge . 12 January 2023 . The Hotel Conversation . en.
  33. Web site: Collins . Simon . 29 September 2020 . Twiggy’s first restaurant to revive Old Swan Brewery . 12 January 2023 . The West Australian . en.
  34. Web site: Ryan . Clare . 2 December 2021 . Vibrant Bar and Dining Room Indigo Oscar Brings Latin American Flavours to Cottesloe’s Indiana Teahouse . 12 January 2023 . Broadsheet . en.
  35. Web site: Wignell . Liam . 16 August 2022 . Tattarang launches $250M health and biotech VC . 12 January 2023 . Startup News in WA, events, advice, podcasts and ecosystem . en-AU.
  36. Web site: Thompson . Sarah . Macdonald . Anthony . Boyd . Tim . 17 October 2020 . Forrest family's Tattarang stitches up $190m RM Williams deal . 12 January 2023 . Australian Financial Review . en.
  37. News: 18 October 2020 . 'Decision of the heart': Andrew Forrest buys iconic bootmaker RM Williams . en-AU . ABC News . 10 February 2022.
  38. Web site: 27 January 2021 . Andrew Forrest wants RM Williams to be fully true blue . 10 February 2022 . Australian Financial Review . en.
  39. News: 2023-11-19 . Billionaire miners Andrew and Nicola Forrest buy Australian hatmaker Akubra . en-GB . The Guardian . 2023-11-19 . 0261-3077.
  40. Web site: SFM Marine . 23 February 2023 . Business News . en.
  41. Web site: SFM Marine - the new name in premier maritime services and investment . 23 February 2023 . Tattarang . en-AU.
  42. Web site: Purnell . Kate . 17 September 2021 . Twiggy sets sail on a tide of new skippers . subscription . 23 February 2023 . The West Australian . en.
  43. Web site: Yun . Jessica . 23 November 2022 . Billionaire beef battle sizzles as Andrew Forrest buys $11.6m wagyu stake . 1 April 2023 . The Sydney Morning Herald . en.
  44. Web site: Evans . Simon . 24 July 2022 . Andrew Forrest creeps up on Bega Cheese . 23 February 2023 . Australian Financial Review . en.
  45. Web site: Kruger . Colin . 6 July 2022 . Andrew ‘Twiggy’ Forrest lifts stake in Zoe Foster Blake linked beauty business BWX . 4 April 2023 . The Sydney Morning Herald . en.
  46. Web site: Koehn . Emma . 27 January 2023 . Forrest family backs Australian fashion brand Camilla . 28 April 2023 . The Sydney Morning Herald . en.
  47. Web site: Bagshaw . Eryk . 17 November 2022 . Andrew Forrest’s $740 million bet on Ukraine . 12 January 2023 . The Sydney Morning Herald . en.
  48. Web site: Milne . Peter . 24 October 2022 . Andrew Forrest loses boss of his private empires . 1 April 2023 . The Sydney Morning Herald . en.
  49. Web site: Ross . Ian . 16 April 2022 . 'Actions speak louder than words,' says Wyloo Metals CEO on their Ring of Fire plans . 1 April 2023 . Northern Ontario Business . en.
  50. News: Evans . Nick . Williams . Perry . 11 January 2023 . Andrew Forrest moves Squadron boss Eva Hanly from post after six months . . 2 April 2023.
  51. Web site: 30 June 2022 . Eva Hanly to lift Squadron Energy to new heights as CEO . 2 April 2023 . Business Acumen . en-gb.
  52. Web site: Prior . Neale . 26 June 2022 . Forrests go Dutch in push to grow luxury resort operations . 2 April 2023 . The West Australian . en.
  53. Web site: Page . Hannah . 23 March 2023 . Walker to lead Forrest’s property arm Fiveight - Australian Property Journal . 1 April 2023 . Australian Property Journal . en-AU.
  54. Web site: The Swan (Old Swan Brewery) . 1 April 2023 . Fiveight . en-US.
  55. Web site: 3 July 2019 . Twiggy snaps up another WA landmark . subscription . 1 April 2023 . The West Australian . en.

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