RE: £260m in total.....£230m cash receiving on Monday28 Mar 2025 13:45
From rns in November 2024
Benchmark Holdings plc
Disposal of the Genetics Business
- Enterprise value of up to £260 million
- Conclusion of the Strategic Review and termination of the formal sale process announced in January 2024
- Enables the Company to focus on its Advanced Nutrition and Health business areas, return capital to shareholders and creates an opportunity to reduce complexity and streamline the business
Benchmark Holdings plc ("Benchmark", the "Group", or the "Company"), a market leading aquaculture genetics, specialist nutrition, and health business, is pleased to announce that it has entered into a binding agreement to sell the Company's genetics business area (by way of the disposal of Benchmark Genetics Limited and Benchmark Genetics Norway AS and their respective subsidiaries) (the "Genetics Business") to Starfish Bidco AS ("Starfish Bidco") (a wholly owned subsidiary of Novo Holdings A/S ("Novo Holdings")) representing an enterprise value of up to £260 million, including an initial consideration of £230 million and additional contingent consideration of up to £30 million (the "Transaction" or "Disposal").
Transaction highlights
· Enterprise value of up to £260 million, representing a multiple of 17.9x Adjusted EBITDA
· Initial consideration of £230 million (the "Initial Consideration")
· Additional contingent consideration of up to £30 million (the "Earn-Out Consideration"), based on the trading performance of the core salmon sub-segment of the Genetics Business for the period from 1 October 2024 to 30 September 2027 (the "Earn-Out Period")
· The Disposal will enable the Company to focus on its Advanced Nutrition and Health business areas (the "Continuing Business"), and creates an opportunity to reduce complexity and streamline the current Group structure to significantly reduce costs
· Net proceeds from the Disposal will be used to return capital to shareholders
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