Benchmark completes disposal of veterinary training subsidiary
BENCHMARK HOLDINGS, the aquaculture genetics, health and specialist nutrition business, yesterday revealed that it had completed a significant disposal.
Benchmark has sold Improve International Limited and its subsidiaries , which are a global provider of continuing professional development training for veterinary professionals, to RJD Partners and Heber Alves, David Babington, and Rui Lobão.
Under the terms of the disposal, the company will receive a total cash consideration of up to £12.75m, comprising a £9.5m initial payment on completion and deferred consideration of up to £3.25m, payable in three instalments between completion and September 2022, contingent on performance conditions being met.
In a statement, Benchmark said: “The disposal is an important step in Benchmark’s strategy to exit non-core areas to focus on its key disciplines in the global aquaculture markets, and is part of the company’s programme of disposals which, as stated in our interims results announcement, is expected to generate £27m-£30m in total.
“The proceeds from the disposal further strengthen the group’s financial position and liquidity.
“The Improve directors, who are also employees of Improve, will participate in the acquisition of Improve and have a resulting interest in up to 30 per cent of the share capital in Improve.”
Trond Williksen, the company’s CEO, commented: “The disposal of Improve marks a significant milestone in our programme of disposals and restructuring, which remains a key priority as we seek to refocus the business on our core aquaculture disciplines and transition from R&D investment into profitability.”
Mr Williksen became the company’s chief executive earlier this month. Most recently he was CEO of SalMar ASA, the Norwegian fish farm company and one of the world’s largest producers of farmed salmon.
The disposal of Improve marks a significant milestone.
Trond Williksen, chief executive of Benchmark Holdings