Bull semen specialist swallowed up by National Milk Records

MILK service provider National Milk Records, which has an operation in Wolverhampton, has acquired Cardiff-based bull semen supplier Inimex Genetics for £2.2m.

Inimex has been supplying the British and international genetics market with bull semen for more than 25  years.

It has secured contracts to be the sole UK importer for many of the top studs worldwide and also introduced hundreds of bulls into the UK.

In 2007 Inimex formed Bullsemen.com to directly market the product to UK dairy farmers.

Bullsemen.com is now the only UK source for all the bulls from the main studs in the US and Germany.

In its financial year ended February 2014, Inimex made pre-tax profits of £472,000 on turnover of  £1.445m.

The total consideration payable by NMR for the acquisition of Inimex is £2.217m, of  which  £1.635m has been paid in cash on completion and £582,000 is deferred over four years, based on future profit targets.

NMR has funded the acquisition from the company’s existing cash resources.

Andy Warne, managing  director of NMR said: “We are delighted to have acquired a complementary business which is cash generative and profitable.

“The acquisition of Inimex presents a number of opportunities for synergies with our existing business and I look forward to reporting on these in due course.”

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