AGRICULTURE group NWF has bought a Cumbrian feed manufacturer for an undisclosed sum.
Jim Peet (Agriculture), which has two production sites based near Carlisle and Wigton, supplies over 50,000 tonnes of compound and blends to dairy, beef and sheep farmers across the North of England and South West Scotland.
The Cumbrian firm’s most recent published accounts, for the year to September 2014, showed it had broken even on sales of £13.5m, which had dropped 26% on a year earlier.
Richard Whiting, chief executive of Nantwich-based NWF Group, said: “The acquisition of Jim Peet further improves our UK Feeds market share and provides a strategic manufacturing site in the North to support our development plans in Scotland and the North of England.
“This bolt-on acquisition is in line with our stated growth strategy to expand within Agriculture and we look forward to working with its management team to develop the business further.”
NWF Group grew its profits in the six months to November 2015, to £2.6m, despite a 9.1% fall in revenues to £224.6m. The company said this was caused by significantly lower oil prices in fuels and lower commodity prices in feeds.
NWF was advised by Rupert Gill and Richard Roberts of Brabners, Dow Schofield Watts and RSM whilst the sellers were advised by Michael Walby and Robbie Mather of Burnetts and Lamont Pridmore.
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