Origin pays €12m for stake in Agroscope
AGRI-SERVICES firm Origin Enterprises has completed its deals to buy a 60pc stake in a Ukraine company.
The Irish firm paid €12.72m to acquire part of Agroscope after all conditions were met.
Founded in 2002, Agroscope provides a number of services to the agriculture sector, including advisory support to arable and root crop growers.
Headquartered in Kiev, it employs 150 people and services over 1,200 customers with a farming footprint of over four million hectares.
The company has forecast revenues and earnings for year end December 2013 of €77.9m and €5.21m respectively.
Cathal Kenny, Davy Stockbrokers, said Agroscope is a well-regarded enterprise and looks to be a solid platform from which to grow.
"Origin is familiar with the Ukrainian agricultural sector via its previous investment in Continental Farmers," he added. "More generally, Origin is familiar with agriculture in the region through its operations in Poland.
"Agroscope is a well-regarded enterprise."
Origin Enterprises has manufacturing and distribution operations in Ireland, the United Kingdom, Poland and Ukraine where it has leading market positions in the supply of specialist agronomy services, crop nutrition and feed ingredients.
It is listed on the Irish and London stock exchanges.