UK-based Benchmark Holdings PLC is to buy the entire issued share capital of Norway’s SalmoBreed AS and 81.64% of the issued share capital of Iceland’s Stofnfiskur HF.
By combining SalmoBreed and Stofnfiskur, Benchmark says it will bring together the strengths of SalmoBreed in genetics with Stofniskur’s unique capability to supply fertile ova 52 weeks of the year to create a “world-leading salmon and aquaculture breeding business”, expected to be the world’s second largest salmon egg producer. In addition, Benchmark says the technology held within the two companies will provide a platform from which to move into new and emerging markets for aquaculture breeding.
“The acquisitions create numerous opportunities across the business for solving key industry challenges including disease, production and nutritional efficiency,” said Malcolm Pye, CEO, Benchmark.
“Bringing the capabilities and expertise of SalmoBreed and Stofnfiskur into Benchmark significantly expands our activities in aquaculture, strengthens our position as a leading international supplier to the industry and creates a substantial platform for future growth and diversification into different species,” he added.
Benchmark’s subsidiary, Benchmark Genetics, which specialises in the supply of applied biotechnology, sustainability science and knowledge transfer to animal health, aquaculture and agriculture and the food supply chain, will buy all of HB Grandi’s shares in Stofnfiskur for around €12m.
To fund the acquisitions, the international animal health, technical publishing and sustainability science business, says it will place 82,353,000 “new ordinary shares” in the company, raising gross proceeds of approximately £70m. It says this will also increase the vaccine manufacturing capacity of its BioCampus facility in Edinburgh.
The acquisitions will also create a fourth business division within the company, Benchmark Genetics and Breeding.
