Anpario acquires US animal health and nutrition products business

30th Sep 2024 10:00

(Sharecast News) - Animal feed additives manufacturer Anpario revealed on Monday that it had acquired US animal health and nutrition products business Bio-Vet.

Anpario said it had completed its acquisition of Bio-Vet, including the land and buildings at its production facility in Barneveld, Wisconsin, for a total net cash consideration of up to $7.3m.

The AIM-listed group stated the acquisition was in line with its strategy, creating further species diversification into the ruminant sector.

Anpario has made an initial cash consideration of $6.3m, including Bio-Vet's excess cash of $2.3m, on a debt-free basis, and will pay an additional earnout consideration of up to $1.0m in cash subject to the underlying earnings for the 12 months following completion coming to at least $780,000.

Chief executive Richard Edwards said: "We are delighted to have acquired Bio-Vet, which is in line with our strategy of species diversification and bringing significant new product groups to the portfolio, which can be marketed through our global sales and distribution network. The deal also gives us an excellent production facility which makes us operationally more resilient and acts as a strong platform to support growth in the Americas region."

As of 1000 BST, Vodafone shares were down 0.29% at 75.40p.

Reporting by Iain Gilbert at Sharecast.com