© Benchmark
Announced today, the transaction will see Benchmark's genetics division acquired by Starfish Bidco - a subsidiary of Novo Holdings. The deal includes an initial payment of £230 million, with up to £30 million in contingent consideration. Benchmark Genetics, including its UK and Norway-based subsidiaries, is renowned for its innovations in aquaculture genetics, particularly in salmon breeding.
"This agreement unlocks significant value, allowing us to return capital to shareholders while concentrating on our advanced nutrition and health segments. It will also enable us to simplify our structure and reduce costs significantly," commented Trond Williksen, Benchmark chief executive, in a press release.
The decision follows a strategic review announced earlier this year, where Benchmark evaluated offers for the company and its individual business units. After extensive due diligence, the board concluded that Novo Holdings’ offer represented the best value for shareholders and positioned the genetics business for future growth.
"Advancements in aquaculture genetics, particularly in salmon, offer transformative opportunities to enhance productivity, resilience, and sustainability in global food production. This acquisition aligns with our commitment to fostering innovation in the food sector," said Aleks Engel, partner at Novo Holdings.
With the sale of its genetics division, Benchmark aims to focus on the development of its advanced nutrition and health business, expanding its specialist feed solutions for aquaculture farmers, particularly as shrimp markets recover.
The sale also paves the way for further cost-saving measures and operational streamlining, enabling Benchmark to capitalise on innovation and market demand with a leaner structure.
