Anpario to buy Australian distributor Cobbett for up to AU$1m

(ShareCast News) - Anpario, a producer of natural feed additives for animal health, is to buy its Australia-based distributor Cobbett for up to AU$1m, in order to strengthen its sales and distribution channels.Cobbett has been Anpario's distributor since 1987 supplying the Australia, New Zealand and Papua New Guinea markets with a number of Anpario's products including Salkil, pHorce, Neutox, Mycostat and Mastercube.The AIM-listed company said the Cobbett acquisition is in line with its strategy to strengthen its sales and distribution channels and develop closer relationships with end users of its products.Anpario said: "A significant proportion of Cobbett's business is with the Anpario product range, which drove the logic for the acquisition. However, Cobbett also distributes other complementary products which it will continue to do so and we look forward to continuing these supplier relationships."The company will pay AU$700,000 initially for Cobbett plus stock and will pay a further AU$300,000 should the business achieve certain profit targets over a 12 month period.In the year ended 30 June 2016 Cobbett generated sales of AU$1.76m.