Origin acquires 100pc of Belgian-based Pillaert-Mekoson for undisclosed sum
Agri-services firm Origin Enterprises has acquired Belgian-based Pillaert-Mekoson for an undisclosed sum.
Pillaert-Mekoson is a leading provider of standard and prescription fertilisers in Belgium and surrounding regions.
Origin has acquired 100pc of the Ghent-headquartered company on a debt free and cash free basis.
The turnover for Pillaert-Mekoson for 2017 was €35m with earnings before EBITDA around €1.8m.
Origin said that the acquisition is being funded from existing bank facilities and is expected to be earnings enhancing in the first full year of ownership.
Commenting on the acquisition, Origin Chief Executive Officer, Tom O’Mahony said that Pillaert-Mekoson is "an excellent strategic fit".
"[The acquisition] strongly complements our prescription fertiliser and speciality nutrition business and benefits from a well invested and strategically located asset base," he said.
"It will add further scale to the Group’s crop nutrition portfolios and will provide an important expansion into a new geography offering multi-channel access to farm with meaningful future growth potential."
Pillaert-Mekoson Managing Director, Peter Pillaert said that his management team and employees are "delighted" to join forces with Origin.
"In Origin we have a like-minded partner with an extensive range of innovative nutrition products and a depth of technical support and product knowledge which will enable our client offering and service to take a substantial step forward," he said.
Origin has operations in Ireland, the United Kingdom, Poland, Ukraine and Romania and is listed on the ESM and AIM markets of the Irish and London Stock Exchanges.