Sunbeth Treenuts and Sesame Limited is moving deeper into Nigeria’s agricultural value chain with an agreement to acquire a 73.29% controlling stake in Livestock Feeds Plc for ₦19.5 billion (approximately $14.2 million), marking a significant expansion from agricultural sourcing and commodity trading into animal-feed manufacturing.
UAC of Nigeria Plc, which has controlled Livestock Feeds since 2013, entered into the agreement with Sunbeth on 30 September 2026. The transaction values the shares being transferred at ₦8.85 each and remains subject to regulatory approvals and other conditions required for completion.
The deal gives Sunbeth control of one of Nigeria’s established animal-feed businesses, combining its agricultural origination and producer networks with Livestock Feeds’ manufacturing capacity, brands, technical expertise and nationwide distribution network.
Sunbeth describes the acquisition as part of its strategy to build a more integrated African agribusiness platform. The company has developed capabilities around agricultural origination, supply-chain management, warehousing, trading and processing. Adding feed manufacturing gives it a downstream industrial operation closer to farmers and livestock producers.
That combination could become particularly relevant in the feed sector, where access to agricultural raw materials, processing capacity, logistics and distribution all affect the cost and availability of finished feed.
Livestock Feeds has a long history in Nigeria. The company was established in 1963 by Pfizer, initially in response to the growing need for animal-health and nutritional products associated with the development of commercial livestock production. Its first feed mill was installed in Ikeja, followed by mills in Aba and Kaduna.
The company subsequently built a nationwide business around poultry and livestock feed. Its historical growth was closely linked to rising demand for poultry meat and eggs as Nigeria’s urban and suburban population expanded. Livestock Feeds was listed on the Nigerian stock market in 1978 and, at one stage in its history, reported an installed capacity of 40 tonnes per hour and a network of franchise millers.
UAC's involvement began in 2012, when it acquired an initial interest through a special placement. By 2013, UAC had acquired a controlling interest, and its participation in a 2017 rights issue took its holding to a 73.29% stake that is now being sold to Sunbeth.
Under UAC's ownership, the business expanded into a national-scale feed operation. UAC Group Managing Director Fola Aiyesimoju said revenues increased fivefold while profitability increased 18-fold during the period in which UAC worked with the company's management to grow the business.
For UAC, the transaction represents a monetisation of an investment held for more than a decade and another step in reshaping its portfolio. Once completed, the conglomerate will no longer control Livestock Feeds, while Sunbeth will take responsibility for the next phase of the company's development.
For Sunbeth, however, the acquisition is about more than adding another company to its portfolio. Jeroen de Ruijter, CFO of Sunbeth Agro HoldCo, said the group wants to combine its capabilities at the agricultural origin with manufacturing and processing closer to the markets it serves. Livestock Feeds therefore provides an industrial platform through which Sunbeth can participate further downstream in the agricultural economy.
The acquisition also comes at a time when Nigeria's livestock sector is receiving greater attention as policymakers and private investors look to increase domestic production of meat, milk, eggs and other animal products. Feed sits at the centre of that system because poultry, dairy, aquaculture and other intensive livestock operations depend heavily on reliable access to nutritionally appropriate feed.
For Sunbeth, the opportunity is therefore not limited to selling finished feed. Its existing position in agricultural sourcing potentially creates opportunities to connect raw-material supply with feed manufacturing, although the extent to which those synergies materialise will depend on the company's post-acquisition strategy.
The transaction could also open questions around capacity expansion, product development and distribution. Sunbeth has said its immediate focus will include working with Livestock Feeds' existing management and employees, improving operational efficiency and supply-chain performance, maintaining product quality and supporting the company's next phase of growth.
NBF Insight
The significance of this deal goes beyond the ₦19.5 billion price tag.
Sunbeth is effectively moving another step down the agricultural value chain, from sourcing agricultural commodities to owning manufacturing infrastructure that converts agricultural inputs into a product used directly by farmers and livestock producers.
That matters because much of Africa's agricultural challenge is not simply about producing more raw materials. It is about building the processing, manufacturing, logistics and distribution systems that turn those raw materials into higher-value products and reliable farm inputs.
Livestock Feeds gives Sunbeth an established manufacturing platform, recognised brands and a national distribution network. Sunbeth brings a different set of capabilities around sourcing and agricultural supply chains.
Whether that combination produces greater efficiency, expanded capacity or new products will depend on what happens after completion. But the direction of the transaction is clear: capital is moving deeper into Nigeria's agricultural value chain, with animal feed becoming part of a broader integrated agribusiness strategy.
