Benchmark extends Chilean salmon farming focus, completes sale of FVG to Zoetis
Sheffield, United Kingdom-headquartered aquaculture genetics, health, and nutrition business Benchmark has launched a new company to supply products and provide technical support to salmon farmers in Chile.
Located in in Puerto Varas, Benchmark Animal Health Chile (BAHC) will distribute all Benchmark products in the region, including its sea lice treatment Purisan. The move follows the launch of Benchmark Genetics in Chile in 2018.
“The team at Benchmark Animal Health Chile look forward to working with our customers to tackle some of the salmon industry’s major biological challenges. Our mission is to support producers to improve their sustainability and profitability,” BAHC General Manager Javier Moya said.
At the same time, Benchmark has completed the sale of its wholly-owned subsidiary FVG Ltd. (FishVet) to Pharmaq, part of the global animal health company Zoetis. The sale, for a total cash consideration of GBP 14.4 million (USD 18 million, EUR 16 million) to GBP 14.7 million (USD 18.4 million, EUR 16.3 million), comprises Benchmark’s veterinary and diagnostic services activities in the United Kingdom, Ireland, Norway, and Chile.
Announcing the sale of FishVet, Benchmark said the transaction was part of its strategy to exit non-core areas and to focus on the core areas of genetics, health, and advanced nutrition in global aquaculture markets.
“This divestment represents a significant step forward in our strategy to become a streamlined, profitable business focused on our key areas of competency,” Benchmark CEO Trond Williksen said. “The FishVet team is a highly talented group. I would like to thank every member of the team and wish them success in the future.”
According to Benchmark’s filing with the London Stock Exchange, the sale of FishVet together with the sale of Improve International announced on 23 June, raised in aggregate around GBP 27.25 million (USD 34.1 million, EUR 30.2 million), including GBP 3.25 million (USD 4.1 million, EUR 3.6 million) in deferred consideration, in line with expectations.
To date, the company has sold or exited seven businesses generating up to GBP 30.3 million (USD 37.9 million, EUR 33.6 million) in cash proceeds including GBP 3.75 million (USD 4.7 million, EUR 4.2 million) in deferred consideration.
Photo courtesy of Benchmark