Biotech giant to be sold; Board puts Benchmark on the block

by
Editorial Staff

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.

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