By Gerelyn Terzo, Global AgInvesting Media
Sydney, Australia-based private equity firm Anacacia Capital has acquired a majority stake in Melbourne-domiciled Procal Dairies, a family-owned dairy supplier, marking its first foray into one of Australia’s biggest agricultural sectors. The deal provides growth capital to one of Australia’s leading independent dairy processors— famous for its milk, cream and yogurt products — while allowing Procal’s founding Thyssen family to retain an ownership interest alongside its PE backer.
While financial terms have not been disclosed, Anacacia Capital, which boasts over A$800 million in committed capital, offered some insight in a LinkedIn post, writing, “Anacacia is investing alongside the founding family and existing management, supporting the next phase of growth. It was a classic Anacacia style investment, helping retired founders to sell a majority stake and partner the next generation to take the business up a level.”
Anacacia highlighted the Procal deal as part of its Fund IV portfolio, which launched in 2023 and as of earlier in 2025 was headed for an imminent final close. Fund IV includes consumer-focused businesses such as Yumi’s Quality Foods and Florabelle Living. The investment highlights Anacacia’s focus on partnering with leading mid-market food and agribusiness companies across Australia and New Zealand.
Founded in 2003, Procal reportedly generates around A$100 million (US$67 million) in annual revenue. Its footprint spans retail, food-service and manufacturing verticals, with a reputation for quality supply and operational scale. As part of the transaction, Anacacia plans to bolster Procal’s board with experienced executives, including George Weston Foods boss Stuart Grainger, while focusing on capacity expansion and strategic growth initiatives.
Australia’s dairy industry ranks as one of the country’s largest agricultural sectors, contributing roughly A$4.7 billion annually, with around 30 percent of milk production exported, mainly to Asia, according to Dairy Australia. The sector is characterized by a mix of large cooperatives and family-owned processors, making it a natural fit for private equity investors seeking scalable mid-market opportunities.
As Anacacia told The Australian Financial Review, the Procal acquisition is aimed at “scaling a solid business that already has good market traction but hasn’t fully maximized its potential.” This reflects a broader trend of private capital moving into Australia’s food and agriculture space, with investors eyeing both domestic growth and export opportunities.
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