Sector insights. A buyer lens. A clear understanding of what drives value.
M&A and capital advice for owners, shareholders and acquirers
G&G advises owners and shareholders of Australian agriculture, agribusiness and agrifood businesses considering a sale or capital raise, as well as acquirers seeking opportunities across the sector.
Our focus spans primary production, including livestock, cropping, horticulture, dairy and aquaculture, through to agricultural inputs, animal nutrition and health, equipment, irrigation and rural services. It also includes food and value-added processing, storage, logistics, distribution, agricultural infrastructure and agricultural technology.
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The Australian agriculture, agribusiness and agritech M&A market today
Australian agribusiness deal volumes declined in 2025, while disclosed values roughly doubled to $7.5 billion. Valuations have moderated, and higher operating costs continue to pressure farm margins.
Investors are targeting supply chain infrastructure, including storage, processing and permanent crops. Institutional capital is entering through platforms and partnerships, while corporate divestments create opportunities for private and offshore buyers.
No single valuation approach applies across the agriculture, agribusiness and agritech sector, with land, assets, earnings, contracts and specialist operating capabilities each contributing differently to value.
Asset-backed primary production businesses are generally priced by reference to land, water and livestock values, with earnings yield a cross-check. Infrastructure with contracted revenue attracts yield-based pricing from long-term investors. Rural services, inputs and processing are priced on maintainable EBITDA, adjusted for seasonality, commodity exposure and working capital. Agricultural technology is often priced on revenue.
| Sub-segment | Indicative EV/EBITDA | Indicative EV/Revenue | Primary pricing lens and key swing factors |
|---|---|---|---|
| Primary production (land-holding) | Often 12x+ implied | Asset-based | Land, water and livestock values; productivity, rainfall reliability and scale. Earnings yields are typically low |
| Agricultural infrastructure (contracted) | 10–14x | 3–6x | Contract length and counterparty strength, asset life and replacement cost |
| Food and value-added processing | 6–10x | 0.5–1.5x | Brand strength, customer concentration, supply security and plant utilisation. Mainland reported at ~9–10x |
| Rural services and inputs distribution | 6–9x | 0.3–0.8x | Network coverage, grower relationships, private label margin and working capital. Delta at ~9x pre-synergies |
| Animal health, nutrition, genetics and specialist inputs | 7–11x | 1.0–2.5x | Registrations, IP, technical capability and recurring demand |
| Equipment, irrigation and rural contracting | 4–7x | 0.4–1.0x | Dealer or supplier agreements, service revenue share and cyclicality |
| Agritech | Often not EBITDA-based | 2–6x recurring revenue | Recurring revenue, adoption, retention and path to profitability |
Indicative ranges for Australian private-market transactions, based on G&G's assessment of disclosed transactions, listed comparables and market evidence. Actual outcomes depend on size, earnings quality through the cycle, asset backing and buyer competition. Smaller owner-operated businesses generally sit at the lower end of each range.
What is driving agribusiness acquisition interest
Established production, access to land and water, and dependable supply relationships strengthen a buyer's operations. Processors and retailers are investing upstream to secure supply. Value depends on productivity, operating costs and exposure to seasonal conditions.
Population growth in Asia, demand for protein, premium and health-led food, and pet nutrition are drawing investment across poultry, red meat, dairy and specialty products. Private equity has favoured defensive, protein-led and consumer staple businesses.
Farm inputs, animal nutrition and health, equipment and rural services give buyers trusted customer relationships and recurring demand. Consolidators are pursuing network coverage and agronomy capability.
Processing, storage, logistics and distribution connect production with domestic and export customers. Buyers assess supply security, capacity utilisation and access to markets, including trade and tariff risk.
Irrigation, genetics, biologicals, automation and precision agriculture improve yields and resource efficiency. Differentiated products need clear ownership and evidence of commercial value.
Water security is now a central value driver. Climate variability affects earnings and asset values, and buyers increasingly assess climate exposure, emissions and land management. Natural capital, carbon and biodiversity can add value where they are measurable and compatible with production.
Biosecurity has become a deal-critical issue for diligence, contracting and valuation. Changes in food labelling, chemical registrations and sustainability reporting can also affect value. The mandatory ACCC regime aggregates acquisitions over three years, which matters for rural services and processing roll-ups.
Foreign acquisitions of agribusinesses and agricultural land are subject to lower FIRB thresholds than most sectors, with land interests assessed on a cumulative basis. Offshore buyers remain active but must plan for approval timing and conditions.
The buyer lens: valuing an agribusiness
Buyers look beyond revenue and EBITDA. The sustainability of earnings, productive assets, supply relationships and capital requirements all shape value. The relevant factors differ across farming, services, processing and technology.
How sustainable is the performance?
Buyers test seasonal and commodity exposure, margins across trading periods, repeat demand and the working capital needed to operate.
How secure are the relationships?
Grower, supplier and customer concentration, contracts, distribution arrangements and market access influence confidence in future earnings.
What supports production and growth?
Land tenure, water access, productive capacity, plant and equipment condition, and replacement expenditure shape the investment case.
What is difficult to replicate?
Specialist know-how, genetics, brands, registrations, quality systems and proprietary technology can create value where they transfer with the business.
How exposed is the business to events outside its control?
Climate exposure, water security, biosecurity controls and regulatory compliance increasingly influence both price and terms.
Can the business perform beyond the owner?
Management depth, operational leadership and the transfer of key relationships influence continuity under new ownership.
Who has the strongest reason to own it?
Buyers may value your production base, supply-chain position, distribution footprint or opportunities to broaden their existing offering differently.
No single valuation approach applies across the agriculture, agribusiness and agritech sector. Primary producers, input suppliers, processors and technology businesses have different earnings profiles, assets and risks. Buyers need to understand performance through the cycle and the capital required to sustain it. Land, water and operating earnings also need consistent valuation treatment. The strongest case shows how your business fits a buyer's strategy.
Structure matters as much as price. Whether land and water are sold, retained and leased, or sold separately; whether the transaction is a share or asset sale; and how family members, related entities and capital gains tax concessions are treated can each change the net outcome for owners. These questions are best resolved well before a process begins.
Early preparation can strengthen value and reduces risks.
Understanding how buyers are likely to assess your business gives you time to address potential issues and strengthen the areas that matter before a transaction begins. Key areas to consider include:
The right capital partner can support production expansion, processing capacity, acquisitions or new products and markets. Options include minority private equity, institutional co-investment, joint ventures with strategic partners, and sale and leaseback of land or infrastructure. We help owners assess the funding need and investment case, with attention to valuation, control, governance and future exit arrangements.
Considering a sale but not ready yet
Even if a sale is several years away, understanding how potential buyers would assess your business today can help you maximise its future value. G&G's Exit Readiness process identifies the key value drivers, dependencies and risks that buyers are likely to scrutinise, giving you time to address potential issues, strengthen your business and position it for a successful future transaction.
Preparing for a sale does not mean committing to one. It puts you in a stronger position, with greater flexibility and more options when the time is right.
You have built the business
Whether you are considering a sale, planning succession, seeking capital or simply want to understand how buyers may view your agriculture, agribusiness or agritech business, we are happy to start with a confidential conversation. You will work directly with experienced senior advisers who provide clear, commercially focused advice and guide you through every stage, from the initial discussion to transaction completion.
What to expect
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