INVE Aquaculture finds new owner, a smaller one

 

UK-based Benchmark Holdings plc has agreed to acquire Dutch giant INVE Aquaculture for US$342 million after three years of planning.

The enlarged Group will serve customers in more than 70 countries across six continents.

"The acquisition of INVE makes Benchmark a global leader in the aquaculture technology market overnight," pointed out Benchmark chief executive Malcolm Pye.

"Aquaculture is not only a multi-billion dollar sector but one of the fastest growing in the food industry. Importantly we believe the teams at Benchmark and INVE share a common ethos and culture," he remarked.

Benchmark explained the main aim of the acquisition is to build a diversified and balanced food sustainability group by growing its existing businesses and expanding into new business sectors with targeted mergers and acquisitions.

The settled deal is technically considered to be a reverse takeover and so is subject to shareholder approval, which is expected to be completed by December 30.

INVE's management team will remain with the combined company, and will retain its interest in the company.

Pye added that since listing, Benchmark has had a proven track record of successfully integrating acquisitions, as with SalmoBreed and StofnFiskur last year.

Source: www.fis.com