Origin Enterprises Expands
Origin Enterprises, the Dublin-based international agri-services group with strategic investments in consumer foods and marine proteins and oils, is acquiring CM Fertilisers, the fertiliser activities of Carrs Milling Industries. CM Fertilisers, based in Scotland and the North of England, is a leading provider of branded specialist fertilisers together with integrated nutrient management systems servicing the arable, grassland, horticulture and forestry sectors. Turnover for the year ended 28th August 2010 was £59.3m and EBIT amounted to £1.9m.
The acquisition furthers the development of Origin’s core position in the provision of sustainable agricultural technologies and integrated on-farm advisory services that support the primary sectors of the food industry. CM Fertilisers, which services a complementary geographic footprint, markets an extensive range of technically based nutrition applications that strongly support Origin’s existing position in the UK.
Under the terms of the transaction Origin will acquire 100% of CM Fertilisers for an equity consideration of £19m plus the working capital related debt at completion which is estimated at £5.9m. The consideration is based on maintainable earnings before interest and tax (EBIT) of £3.0m from the business.
Origin is 71.4% owned by Aryzta, the Switzerland-based international speciality bakery group.
