The BDO Transaction Services and Debt Advisory teams have advised Benchmark Holdings plc on the AIM reverse takeover of INVE Aquaculture Holdings BV. Consideration is USD$342m (£227m) of which around USD$300m (£199m) will be payable in cash and USD$42m (£28m) to be satisfied by share issues. The cash portion will be funded by a £186m placing as well as new debt funding provided by HSBC Bank plc and Rabobank.
This transformational transaction increases Benchmark’s market capitalisation to around £408m and the acquisition creates a global leader in the aquaculture technology market; the aquaculture sector is not only a multi-billion dollar sector but one of the fastest growing in the food industry - the Enlarged Group will serve customers in more than 70 countries across six continents.
“Once again the BDO team showed their dedication to high quality client service under the challenging constraints and tight timetable of a competitive bid process. Their pragmatic and proactive approach really makes a difference in our successful acquisition strategy.
BDO Debt Advisory provided us with unwavering support and considered advice throughout a challenging and competitive bid process. The team played a crucial role by delivering our debt funding objectives in a landmark transaction for Benchmark Holdings plc.”
Mark Plampin – Chief Financial Officer, Benchmark Holdings plc