Thu, 02 Jul 2020 | BUSINESS SALE
Sheffield-headquartered aquaculture health, nutrition and genetics company Benchmark Holdings has completed the sale of a veterinary and diagnostic services business for up to £14.7 million. The deal sees FVG Ltd, which trades as FishVet, acquire Pharmaq, a division of Zoetis.
Global animal health company Zoetis Inc is the world’s largest producer of medicine and vaccinations for pets and livestock.
The final consideration is dependent on Benchmark covering certain final costs and will be between £14.4 million and £14.7 million. The deal comprises Benchmark’s veterinary and diagnostic services business across the UK, Ireland, Norway and Chile.
The sale forms part of Benchmark’s exit strategy for non-core areas as it looks to focus on its key activities in the global aquaculture markets. This strategy has, to date, seen Benchmark sell or exit seven businesses, generating up to £30.3 million.
Benchmark Holdings chief executive Trond Williksen said: "I am very pleased to announce this transaction, the proceeds of which together with those from the sale of Improve International last week, are in line with our expectations.”
"These disposals represent a significant step forward in our strategy to become a streamlined, profitable business focused on our key areas of competency. The FishVet team is a highly talented group. I would like to thank every member of the team and wish them success in the future.”
In its most recent accounts, to the year ending September 30 2019, Benchmark Holdings reported revenue of £127.3 million, down from £131.6 million in 2018, with gross profit of £65.9 million, down from £68.4 million a year earlier.
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