ForFarmers Group to acquire BOCM PAULS
BOCM PAULS has announced today that ForFarmers Group, which has its Head Office in The Netherlands, is to acquire BOCM PAULS through the acquisition of all of the shares of Agricola Group. The price paid by ForFarmers Group is based on an enterprise value of €85 million after an adjustment for pension fund deficit plus a deferred consideration from surplus property.
The deal will be completed once ForFarmers Group has gained shareholder approval and is subject to clearance by the EU Competition Authorities.
BOCM PAULS is theUK’s leading feed manufacturer which, through its growth strategy, “The Total Feed Business”, now sells in excess of 2 million tonnes of compounds, blends and co-products.
ForFarmers Group is a leading European feed supplier having recently acquired the Hendrix compound feed business from Nutreco. The combined companies sell some 6.5 million tonnes of compound feeds and other feed materials in theNetherlands,BelgiumandGermany.
BOCM PAULS Chief Executive, Bill Mayne, said “the acquisition of BOCM PAULS will create a new Group which will be the clear market leader inEuropewith feed sales of around 8.8 million tonnes. The financial strength of the new Group and the scale of its operations will create competitive advantage and will benefit employees and customers alike”.
“BOCM PAULS will operate as theUKfeed company of ForFarmers Group and will trade with a high degree of autonomy. ForFarmers Group is committed to supporting further investment and growth for BOCM PAULS and to creating opportunities for our employees within the new Group”, he continued.
“This change represents an excellent opportunity for all stakeholders in the business giving a clear direction for BOCM PAULS for the long term benefit of our customers and employees”.
“This new direction for BOCM PAULS comes at a time of renewed opportunity for the UK food and farming industry and provides the company with the resources and financial strength to ensure its future success as part of the number one company in Europe and one of the largest feed companies in the world”, Bill Mayne concluded.
“The acquisition of BOCM PAULS is a major step in the international growth ambition of the ForFarmers Group. All companies within the ForFarmers Group can use each others resources which will provide great opportunities for all involved”, concludes Bert-Jan Ruumpol, CEO of the ForFarmers Group.
ENDS
For further information, please contact Nick Major, Sales and Marketing Director, BOCM PAULS (07802 776069) or Andrew Kendall,Kendalls(01394 610022).
BOCM PAULS
Formed in 1992 following the merger of BOCM Silcock and Pauls Agriculture, BOCM PAULS is the United Kingdom’s leading animal feed company, manufacturing, selling and distributing over two million tonnes of animal feed per year. The company is an independent, privately owned business controlled by the management team. Headquartered in Ipswich, BOCM PAULS employs 1,000 staff across its 18 locations. (www.bocmpauls.co.uk)
ForFarmers Group
ForFarmers Group is a modern, ambitious company operating in The Netherlands, Belgium and Germany. Its core activity is the selling of feed and commodities. ForFarmers Group comprises several compound feed companies, FarmFeed (high-moisture feed, roughage, single feed and bedding materials) and other holdings. ForFarmers Group is also a shareholder in Cefetra, which operates as a Supply Chain Manager in the field of basic materials for the compound feed industry in particular. ForFarmers Group has a total of 884 employees (fte). Its consolidated annual turnover is €5.22 billion with compound feed sales of 2.5 million tonnes. ForFarmers Group operations are founded on the core values of ambition, return and sustainability. With effect from 1 April 2012, the business unit Hendrix forms part of ForFarmers Group, resulting in one of Europe’s largest feed companies with sales of 4.5 million tonnes of compound feed, 1.5 million tonnes of single feed, wet and dry by-products,1500 employees and a turnover of €6 billion.
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