2 July 2014
ForFarmers B.V. announced today that it has acquired 100% of the share capital of Wheyfeed Holdings Ltd, which owns Wheyfeed Ltd. Wheyfeed Ltd is based near Nottingham and sells and distributes over 200,000 tonnes of liquid co-products throughout the UK and operates a fleet of 35 liquid tankers. The company has a staff of 82 and in 2013 revenues amounted to €12.52 million. The price is based on a net enterprise value of €5.0 million. The acquisition will contribute to ForFarmers earnings per share in 2014. Wheyfeed Ltd will become part of ForFarmers UK business.
Iain Gardner, ForFarmers COO (UK) said: "This acquisition builds on ForFarmers Total Feed Business approach; the ability to provide livestock nutrition in whatever form our customers require it. Liquid co-products sourced from the food, drink and biofuel industries form an important part of many livestock farmers’ nutritional inputs. The animal feed sector provides the food industry with a highly sustainable market for these materials. The acquisition of Wheyfeed Ltd represents a significant addition to our existing portfolio of co-products, straights and minerals and will enable us to offer a wider range of products to our customers in the ruminant and monogastric markets".
"I am pleased to welcome all of the employees of Wheyfeed Ltd, who bring with them a wealth of experience and their own perspective on the liquid feeds market", Mr Gardner concluded.
The acquisition is also consistent with ForFarmers growth strategy and its objective to consolidate and expand its leading position in its markets.