Tattarang

Tattarang
FormerlyMinderoo Group
Company typePrivately held company
Headquarters
Perth
,
Australia
Websitetattarang.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]

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

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Harvest Road

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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

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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 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.[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

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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][18] 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.[18] 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]

As of August 2021, 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

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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

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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

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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

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R. M. Williams

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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.[38]

Akubra

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

SFM Marine

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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

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Tattarang holds a 19.3 percent stake in WA-based shipbuilder Austal,[30] 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

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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

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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]

References

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  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. ^ Ker, Peter; Thompson, Brad (24 July 2024). "Forrest's private Windlab sells big wind projects to Fortescue". Australian Financial Review. Retrieved 27 July 2024.
  11. ^ "Twiggy Forrest, Mike Cannon-Brookes lead $210m raise for intercontinental solar power project". Business News Australia. 14 March 2022.
  12. ^ 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.
  13. ^ Williams, Perry (7 December 2022). "Andrew Forrest biggest green player after $4bn CWP play". The Australian. Retrieved 3 March 2023.
  14. ^ Brad, Thompson (16 September 2022). "Meet the Forrest young gun who shot down BHP". Australian Financial Review. Retrieved 13 March 2023.
  15. ^ 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.
  16. ^ 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.
  17. ^ Eastwood, Alexandra (28 September 2022). "Noront Resources renamed Ring of Fire Metals as activity recommences". Australian Mining. Retrieved 13 March 2023.
  18. ^ a b c McKinnon, Stuart (17 February 2022). "IGO, Forrest strike peace deal over Western Areas". The West Australian. Retrieved 3 April 2023.
  19. ^ Ker, Peter (26 January 2022). "Forrest fuels another nickel bidding war". Australian Financial Review. Retrieved 3 April 2023.
  20. ^ Mishra, Savyata (16 December 2021). "Australian miner IGO to buy Western Areas for $785 million in EV battery push". Reuters. Retrieved 3 April 2023.
  21. ^ Jackson, Lewis (14 April 2023). "Australia signs land deal for proposed battery material plant". Reuters. Retrieved 26 April 2023.
  22. ^ Ker, Peter (14 April 2023). "Forrest and IGO signal battery metals processing plant". Australian Financial Review. Retrieved 26 April 2023.
  23. ^ 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.
  24. ^ Ker, Peter (26 January 2022). "Forrest fuels another nickel bidding war". Australian Financial Review. Retrieved 3 April 2023.
  25. ^ Iannucci, Esmarie. "Hastings takes a stake in TSX-listed Neo, funding it with Wyloo cash". Mining Weekly. Retrieved 14 March 2023.
  26. ^ Ker, Peter; Thompson, Brad (26 August 2022). "Forrest pumps $150m into rare earths aspirant". Australian Financial Review. Retrieved 14 March 2023.
  27. ^ Thompson, Brad (20 March 2023). "Forrest in $760 million takeover bid for BHP nickel supplier". Australian Financial Review. Retrieved 1 April 2023.
  28. ^ Thompson, Brad (5 July 2023). "Forrest makes a 'whatever it takes' bet on clean nickel". Australian Financial Review. Retrieved 5 July 2023.
  29. ^ "Dexus to sell Carillon". Business News. 29 April 2022. Retrieved 3 December 2022.
  30. ^ a b Bleby, Michael (21 February 2023). "Forrest spends $520m on Australia's first Waldorf hotel". Australian Financial Review. Retrieved 23 February 2023.
  31. ^ LaFrenz, Carrie (21 October 2021). "Music legend sells her luxury Byron spa for $30m to Andrew Forrest". Australian Financial Review. Retrieved 12 January 2023.
  32. ^ "Tattarang to acquire Margaret River's iconic Cape Lodge". The Hotel Conversation. 8 December 2021. Retrieved 12 January 2023.
  33. ^ Collins, Simon (29 September 2020). "Twiggy's first restaurant to revive Old Swan Brewery". The West Australian. Retrieved 12 January 2023.
  34. ^ 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.
  35. ^ 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.
  36. ^ 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.
  37. ^ "'Decision of the heart': Andrew Forrest buys iconic bootmaker RM Williams". ABC News. 18 October 2020. Retrieved 10 February 2022.
  38. ^ a b "Andrew Forrest wants RM Williams to be fully true blue". Australian Financial Review. 27 January 2021. Retrieved 10 February 2022.
  39. ^ "Billionaire miners Andrew and Nicola Forrest buy Australian hatmaker Akubra". The Guardian. 19 November 2023. ISSN 0261-3077. Retrieved 19 November 2023.
  40. ^ "SFM Marine". Business News. Retrieved 23 February 2023.
  41. ^ "SFM Marine - the new name in premier maritime services and investment". Tattarang. Retrieved 23 February 2023.
  42. ^ Purnell, Kate (17 September 2021). "Twiggy sets sail on a tide of new skippers". The West Australian. Retrieved 23 February 2023.
  43. ^ 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.
  44. ^ Evans, Simon (24 July 2022). "Andrew Forrest creeps up on Bega Cheese". Australian Financial Review. Retrieved 23 February 2023.
  45. ^ 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.
  46. ^ Koehn, Emma (27 January 2023). "Forrest family backs Australian fashion brand Camilla". The Sydney Morning Herald. Retrieved 28 April 2023.
  47. ^ Bagshaw, Eryk (17 November 2022). "Andrew Forrest's $740 million bet on Ukraine". The Sydney Morning Herald. Retrieved 12 January 2023.
  48. ^ Milne, Peter (24 October 2022). "Andrew Forrest loses boss of his private empires". The Sydney Morning Herald. Retrieved 1 April 2023.
  49. ^ 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.
  50. ^ 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.
  51. ^ "Eva Hanly to lift Squadron Energy to new heights as CEO". Business Acumen. 30 June 2022. Retrieved 2 April 2023.
  52. ^ Prior, Neale (26 June 2022). "Forrests go Dutch in push to grow luxury resort operations". The West Australian. Retrieved 2 April 2023.
  53. ^ Page, Hannah (23 March 2023). "Walker to lead Forrest's property arm Fiveight - Australian Property Journal". Australian Property Journal. Retrieved 1 April 2023.
  54. ^ "The Swan (Old Swan Brewery)". Fiveight. Retrieved 1 April 2023.
  55. ^ "Twiggy snaps up another WA landmark". The West Australian. 3 July 2019. Retrieved 1 April 2023.
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