February 4, 2008

BioMar completes Provimi Aqua acquisition

BioMar Holding announced the full acquisition of Provimi Aqua, which includes fish feed activities in Denmark, Spain and Chile.

The acquisition includes a 50-percent ownership stake in a joint venture with AquaChile.

The purchase price is EUR90.5 million (US$134 million) on a cash and debt free basis. The acquisition has been financed through credit facilities.

Effective February 1, 2008, Provimi Aqua will be consolidated in the accounts of BioMar.

In 2007 Provimi Aqua had a turnover of approximately EUR161 million (US$239 million), sold 167,000 tonnes of fish feed.

Production facilities are situated in Horsens, Denmark and Duenas, Spain as well as in Chile. Chile is the largest market and accounts for roughly 55 percent of the turnover of Provimi Aqua. The two companies in Europe account for around 45 percent of turnover.

Provimi Aqua particularly strong within niches like feed for eel and emerging species like cod, and strong presence in product lines within larval and fry feeds.

BioMar will in the years to come invest to expand the lead in the niche product lines, this is in particular the case within fry feed in Chile.