LOCHEM: 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 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 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 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.
De 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.
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. www.forfarmersgroup.eu