The NAPCO partnership was formed in 1877 by Queenslanders William Collins, William Forrest and Sir Thomas McIlwraith, with Englishmen John Warner and Sir William Ingram. The first station acquired was Alexandria Downs in the Northern Territory.
Francis Foster invested in NAPCO in 1937 taking an 18% interest which grew through his lifetime to 43%, bringing with it exceptional pastoral skills and a long-term vision.
Monkira and Coorabulka were acquired in 1939 as part of their plan to breed cattle at Alexandria and then fatten and sell from the Channel Country.
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In 1968 the company acquired Glenormiston along with the adjoining property, Marion Downs, at about the same time.
In May 2016, Queensland Investment Corporation acquired a 79% interest in NAPCO with the Foster family owning the remaining 21%.
In 2016 NAPCO was inducted into the Queensland Business Leaders Hall of Fame.
In January 2020 NAPCO announced it was purchasing Mantuan Downs, a large-scale cattle breeding and finishing property in Central Queensland. The  property consists of two pastoral leases, known as Mantuan Downs and Castlevale as well as the freehold Semper Idem.