Benchmark sells FishVet to Pharmaq

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Sale of veterinary and diagnostic services business to animal health giant.

The British aquaculture genetics company Benchmark Holdings has announced that it has completed the sale of its wholly owned subsidiary FishVet to Pharmaq, part of the global animal health company Zoetis, for around GBP 14.4 – GBP 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 23 June, raised in aggregate c. GBP 27.25 million including GBP 3.25 million in deferred consideration, in line with expectations,” it wrote.

To date, Benchmark has sold or exited seven businesses generating up to GBP 30.3 million in cash proceeds including GBP 3.75 million in deferred consideration.

Last week, in line with its extensive trimming, the company announced that it had sold Improve International, its CPD training for veterinary professionals.

Benchmark CEO Trond Williksen said the sale was in line with its strategy:
“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,” added Williksen.

Fish Vet Group is headquartered in Inverness, Scotland, and has associated diagnostic laboratories there, as well as in Norway, Ireland and Chile. The company also provides veterinary services and bacteriology, histology and PCR services.

“Innovative fish health management tools, which include a wide range of products and services, will help us better meet our customers’ needs. We are very pleased to welcome Fish Vet Group to Pharmaq and that together we can offer breeders an even better range of fish health solutions,” said Rob Kelly, Executive Vice President and President of International Operations at Zoetis, which owns Pharmaq.

“We are very pleased to be part of the team at Pharmaq Analytiq, which allows us to expand our offering in fish health, environmental and diagnostic services,” added Jan Global Manager at Fish Vet Group Petter Berg. “We look forward to continuing to deliver services to our customers and to promote good fish health in fish farms around the world.”