Biotech business sells off part of its group for £12.75m
Aquaculture health, nutrition and genetics business, Benchmark, has completed a £12.75m sale of Improve International Limited and its subsidiaries.
Improve is a global provider of continuing professional development training for veterinary professionals, which was acquired by Benchmark in 2015. It has been sold to RJD Partners and Heber Alves, David Babington, and Rui Lobão.
Under the terms of the sale Benchmark will receive a total cash consideration of up to £12.75m, comprising a £9.5m initial payment on completion and deferred consideration of up to £3.25m, payable in instalments between completion and September 2022.
In an update today, Sheffield-based Benchmark explains: “The disposal is an important step in Benchmark’s strategy to exit non-core areas to focus on its key disciplines in the global aquaculture markets.
“And it is part of the company’s programme of disposals which, as stated in our interim results announcement of 29 May, is expected to generate £27m-£30m in total.
“The proceeds from the disposal further strengthen the Group’s financial position and liquidity.
“Improve is held as a discontinued operation in Benchmark’s 2019 audited accounts and 2020 unaudited interim accounts. It generated revenues and adjusted EBITDA of £10.1m and £1.7m respectively in the 12 months ended 31 March 2020.”
Trond Williksen, Benchmark CEO, said: “The disposal of Improve marks a significant milestone in our programme of disposals and restructuring, which remains a key priority as we seek to re-focus the business on our core aquaculture disciplines and transition from R&D investment into profitability.”
