Tattarang

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
FormerlyMinderoo Group
TypePrivately held company
Headquarters
Perth
,
Australia
Websitetattarang.com

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] 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

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]

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.[10] 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.[11]

In December 2022, Squadron acquired CWP Renewables, an Australian developer and owner of renewable energy systems, for over $4 billion.[12]

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.[13][14] In December 2021, Wyloo announced it would acquire Noront after BHP dropped out of the ensuing takeover battle.[15] The acquisition was completed in April 2022 and Noront was renamed Ring of Fire Metals in September 2022 after the region in Ontario.[16]

Wyloo began acquiring shares in mining company Western Areas in March 2021, reaching a 9.14 percent stake in January 2022.[17][18] When IGO made a takeover offer for Western Areas in December 2021, Wyloo emerged as a potential rival bidder or disruptor of the deal.[19][17] 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.[17] 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.[20][21]

As of August 2021, Wyloo held a 12 percent stake in Poseidon Nickel and just under 5 percent of nickel producer Panoramic Resources.[22] In January 2022, it reduced its stake in Poseidon to under 5 percent.[23]

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.[24][25]

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

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

Z1Z

Z1Z is Tattarang's hospitality and lifestyle arm. It operates the luxury Gaia spa in Byron Bay,[30] Cape Lodge hotel in Margaret River,[31] and restaurants Cooee at the Old Swan Brewery and Indigo Oscar at Indiana Teahouse.[32][33]

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.[34]

Other businesses and stakes

R. M. Williams

Tattarang purchased footwear and clothing company RM Williams in 2020 from Hong Kong based owner L Catterton.[35] The (originally Australian) company had been partly owned by French luxury brand conglomerate LVMH since 2013.[36] The company was purchased for $190 million.[37] 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.[37]

SFM Marine

SFM Marine is a maritime services company owned by Tattarang after it acquired Northport Marine Services in 2020 and rebranded it.[38][39] In 2021, SFM Marine acquired Henderson-based company The Boat Business.[40]

Stakes in other companies

Tattarang holds a 19.3 percent stake in WA-based shipbuilder Austal,[29] a 18.5 percent stake in cattle and beef producer Australian Agricultural Company,[41] and a 11.5 percent stake in food and drinks company Bega Group.[42] In July 2022, Tattarang increased its stake in beauty company BWX Group to 19.9 percent.[43] In January 2023, Tattarang took a minority stake in Australian fashion brand Camilla in a deal reported to be worth around $40 million.[44]

Ukraine Green Growth Initiative

In 2022, Andrew Forrest stated that he will invest $740 million in businesses in Ukraine to help their economy recover.[45] 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.[46] Luca Giacovazzi is CEO of Wyloo Metals.[47] Jason Willoughby has been CEO at Squadron Energy since January 2023, taking over from Eva Hanly who was CEO since July 2022.[48][49] Joost Heymeijer has been CEO of Z1Z since June 2022.[50] Paige Walker will commence her role as the inaugural CEO of Fiveight in July 2023.[51]

The company has been headquartered at the Old Swan Brewery since April 2020.[52] It previously operated out of the former Sunset Hospital site in Dalkeith.[53]

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