Benchmark sells FishVet division to Zoetis subsidiary
By Josh White
Date: Wednesday 01 Jul 2020
(Sharecast News) - Aquaculture generics, health and nutrition company Benchmark Holdings has completed the sale of its wholly-owned subsidiary FVG, trading as 'FishVet', to Pharmaq, part of global animal health company Zoetis.
The AIM-traded firm said the sale was for a total cash consideration of between £14.4m and £14.7m.
It said the sale comprised its veterinary and diagnostic services activities in the UK, Ireland, Norway and Chile, with the final consideration depending on certain final costs to be borne by Benchmark.
The transaction was described by the board sas "another significant step" in its strategy to exit non-core areas, and focus on its key disciplines in the global aquaculture markets.
It said the sale of FishVet, together with the sale of Improve International announced on 23 June, raised a total of around £27.25m, including £3.25m in deferred consideration, in line with expectations.
The sale would "significantly strengthen" the group's financial position and liquidity.
To date, Benchmark said it had sold or exited seven businesses, generating up to £30.3m in cash proceeds, including £3.75m in deferred consideration.
Having successfully exited these businesses as planned, the firm said it was progressing the review of its vaccine strategy, and the exit from its activities in companion animal products.
"I am very pleased to announce this transaction, the proceeds of which together with those from the sale of Improve International last week, are in line with our expectations," said chief executive officer Trond Williksen.
"These disposals represent a significant step forward in our strategy to become a streamlined, profitable business focused on our key areas of competency."
At 1135 BST, shares in Benchmark Holdings were down 2.47% at 37.06p.
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