The North Australian Pastoral Co. (NAPCO), one of Australia’s largest cattle producers and land holders may be for sale once again after being taken off the market in November 2013 by its owners, the Foster Family and London-based, listed agribusiness MP Evans Group because of a lack of acceptable offers. The $440 million company operates 13 cattle stations across the Northern Territory and Queensland covering 5.8 million hectares and the Waihui feedlot on the Darling Downs in southern Queensland. NAPCO generated $12.3 million in positive operating cash flow in 2012 – up from $5.3 million in 2011 on decreased cattle purchasing. The company recorded $306 million in overall property and equipment, and 197,000 head of cattle on its books. Valuation is difficult however because of the uncertainty of future earnings. Prospective buyers include Terra Firma – majority owner of cattle producer Consolidated Pastoral, Laguna Bay Pastoral, Australian Agricultural Co. and sovereign wealth funds such as China Investment Corp.
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