Terra Firma founder in management buyout deal for Aussie farm CPC

SYDNEY: Terra Firma founder and chairman Guy Hands is leading a consortium to buy the firm’s Australian cattle company, Consolidated Pastoral Co (CPC), off its funds in a management buyout, CPC’s chief executive Troy Setter said yesterday.

After having spent more than 18 months trying to sell cattle land across northern Australia the size of a small country for over A$1bil (US$673.7mil), the British private equity firm, which bought CPC in 2009, had raised about A$310mil for a 40% stake, a source close to the company said.