Zoetis acquires FishVet Group
Benchmark completed the sale of its wholly-owned subsidiary FishVet to Pharmaq, part of the global animal health company Zoetis, comprising Benchmark’s veterinary and diagnostic services activities in the UK, Ireland, Norway and Chile.
Benchmark Holdings completed the sale of its wholly-owned subsidiary FVG Ltd. (FishVet) to Pharmaq, part of the global animal health company Zoetis, for a total cash consideration of £14.4-14.7 million. The sale comprises Benchmark's veterinary and diagnostic services activities in the UK, Ireland, Norway and Chile. The final consideration will depend on certain final costs to be borne by Benchmark.
The transaction is another significant step in Benchmark's strategy to exit non-core areas and focus on its key disciplines in the global aquaculture markets. The sale of FishVet together with the sale of Improve International announced on June 23, raised in aggregate £27.25 million, including £3.25 million in deferred consideration, in line with expectations. The sale significantly strengthens the group's financial position and liquidity. To date, the company has sold or exited seven businesses generating up to £30.3 million in cash proceeds including £3.75 million in deferred consideration.
Having successfully exited these businesses as planned, the company continues to progress the review of its vaccine strategy and the exit from its activities in companion animal products.
"I am very pleased to announce this transaction, the proceeds of which together with those from the sale of Improve International last week, are in line with our expectations. These disposals represent a significant step forward in our strategy to become a streamlined, profitable business focused on our key areas of competency. The FishVet team is a highly talented group. I would like to thank every member of the team and wish them success in the future," said Trond Williksen, CEO.