WA’s Brownes Dairy up for sale as high-protein boom drives M&A surge

Western Australia’s Brownes Dairy has been put up for sale by McGrathNicol after Chinese owner Australia Zhiran Co defaulted on a $200 million loan from Mengniu Dairy, which took control of Zhiran’s shares in April 2025 and has now authorised a sale process for the 140-year-old dairy business, which employs about 300 people and is forecasting $288 million in FY2026 revenue.

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