Benchmark ready to buy shrimp food manufacturer by year's end

Benchmark Holdings has paid a total of USD 342 million (EUR 225 million) to acquire fish food business Inve Aquaculture from the Royal Bank of Scotland and Rabobank.

Three years in the making, the transaction involved Benchmark offering USD 300 million (EUR 272 million) in cash and the rest in shares to takeover Inve, a manufacturer of nutrition and health products for shrimp nurseries in 70 countries, according to City A.M.

“The acquisition of Inve makes Benchmark a global leader in the aquaculture technology market overnight. Aquaculture is not only a multi-billion dollar sector but one of the fastest growing in the food industry. Both companies have a drive to address one of the most pressing issues of our time in developing a healthy, sustainable food chain,” said Malcolm Pye, chief executive of Benchmark.

Benchmark hopes to create a formidable, diversified food sustainability group by both growing its existing businesses and expanding into new realms with acquisitions like the one involving Inve.

The deal to officially acquire Inve is expected to wrap on 30 December, with Inve’s management team to stay onboard once the combination is completed.

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