The company could be sold whole or as its individual business units.
Aquaculture biotechnology company Benchmark Holdings has been put up for sale.
In a stock exchange notification issued on Monday, the board of the company said the current share price “materially undervalues” the value of Benchmark’s businesses and the long-term prospects of the company.
The company, specializing in genetics, nutrition, and health solutions for aquaculture, has seen substantial growth in recent years. Despite increasing its revenue from £105.4 million in FY20 to £169.5 million in FY23 and its Adjusted EBITDA from £15.5 million to £35.5 million, the board believes the market has not fully recognized Benchmark’s value.
Currently trading at a price of NOK 5.40 and with a total of 739,352,390 shares, the current market value of the company is just under NOK 4 billion ($400 million).
In response to this perceived undervaluation, Benchmark Holdings is initiating a strategic review, considering various options, including the potential sale of the company as a whole or its individual business units.
The company has several major shareholders, with Norwegian billionaire Johan H. Andresen’s investment company Ferd owning 25.96% of the issued share capital, JNE Partners holding 22.74%, SalMar owner Gustav Witzoe’s Kverva Finans 22.35%, and Harwood Capital owning 3.95%.
The UK Takeover Panel has granted permission for a formal sale process, allowing confidential discussions with interested parties.
The company has appointed Evercore and Rabobank as financial advisers to assist in the sale process.
