ForFarmers closes acquisition De Hoop Mengvoeders
February 02 2021 - 12:55AM
ForFarmers closes acquisition De Hoop Mengvoeders
Lochem, 2 February
2021
ForFarmers closes acquisition De Hoop Mengvoeders
ForFarmers has closed the acquisition of De Hoop Mengvoeders (De
Hoop), which had already been announced on 19 October last year.
The required permits have been granted by the Dutch and
German competition authorities and other conditions precedent
have also been met. The combination of ForFarmers and De Hoop
creates a poultry feed organisation with a leading position on the
broiler market in the Netherlands, Belgium and Germany.
ForFarmers acquires the shares in De Hoop’s compound feed business
and its related transport activities as well as the mill with
adjacent real estate. The acquisition price comprises a fixed
amount of €23 million and a conditional payment of at maximum €17
million, subject to the realisation of agreed targets for the
combined new organisation. The fixed amount is currently being paid
in cash at closing, whilst the conditional payment will potentially
take place in 2023.The maximum takeover price takes into account
the existing market circumstances and has been based on a multiple
(on EBITDA) that matches the historical range that ForFarmers has
paid for acquisitions.
The new combination shall be managed by Michiel Schreurs,
Director Poultry ForFarmers Netherlands, together with the previous
owner of De Hoop Mengvoeders, Gert-Jan Buunk, who will be
responsible for the broiler sector. Note to the editor / For
additional information:
Caroline Vogelzang, Director Investor Relations T: 0031 573 288
000 M: 0031 6 10 94 91 61E:
caroline.vogelzang@forfarmers.eu
About ForFarmers N.V. ForFarmers N.V. is an international
organisation that offers complete and innovative feed solutions for
livestock farming. With its “For the Future of Farming”
mission, ForFarmers is committed to the continuity of farming and
further sustainalising the agricultural sector.
ForFarmers is the market leader in Europe with annual sales of
10.1 million tonnes of animal feed. The company is operating in the
Netherlands, Germany, Belgium, Poland and the United Kingdom.
ForFarmers has approximately 2,600 employees. In 2019, the turnover
amounted to approximately € 2.5 billion. ForFarmers N.V. is listed
on Euronext Amsterdam. ForFarmers N.V., P.O. Box 91, 7240 AB
Lochem, T: +31 (0)573 28 88 00, F: +31 (0)573 28 88 99,
info@forfarmers.eu, www.forfarmersgroup.eu
About De Hoop MengvoedersDe Hoop is an innovative family
business, founded in 1906. At present, the company is managed by
the fourth generation Buunk and its operations reach beyond the
Dutch borders. De Hoop produces over 300,000 tonnes feed in
the modern feed mill in Zelhem, in which custome made feed can be
produced. As of 2006 De Hoop is fully focused on the poultry
sector.
FORWARD-LOOKING STATEMENTSThis press release contains
forward-looking statements, including those relating to ForFarmers
legal obligations in terms of capital and liquidity positions in
certain specified scenarios. In addition, forward-looking
statements, without limitation, may include such phrases as
“intends to”, "expects“, “takes into account”, "is aimed at“,
''plans to”, "estimated" and words with a similar meaning. These
statements pertain to or may affect matters in the future, such as
ForFarmers future financial results, business plans and current
strategies. Forward-looking statements are subject to a number of
risks and uncertainties, which may mean that there could be
material differences between actual results and performance and
expected future results or performances that are implicitly or
explicitly included in the forward-looking statements. Factors that
may result in variations on the current expectations or may
contribute to the same include but are not limited to: developments
in legislation, technology, jurisprudence and regulations, share
price fluctuations, legal procedures, investigations by regulatory
bodies, the competitive landscape and general economic conditions.
These and other factors, risks and uncertainties that may affect
any forward-looking statements or the actual results of ForFarmers,
are discussed in the last published annual report. The
forward-looking statements in this press release are only
statements as of the date of this document and ForFarmers accepts
no obligation or responsibility with respect to any changes made to
the forward-looking statements contained in this document,
regardless of whether these pertain to new information, future
events or otherwise, unless ForFarmers is legally obliged to do
so.
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