Benchmark Holdings PLC (LON:BMK) said it has completed the £12.75mln sale of Improve International, a provider of professional development training for vets, as part of its strategy to exit its non-core activities.
The aquaculture genetics, health and nutrition specialist said it will receive an initial payment of £9.5mln on completion and a deferred sum of £3.25, payable in three instalments before September 2022 and contingent on certain performance conditions.
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“The disposal is an important step in Benchmark's strategy to exit non-core areas to focus on its key disciplines in the global aquaculture markets”, the company said, adding that its entire disposal programme is expected to generate a total of between £27-30mln for the group to strengthen its financial position and liquidity.
Improve International has been sold to private equity firm RJD Partners, while three of Improve’s directors, Heber Alves, David Babington and Rui Lobão, have also participated in the acquisition and will hold a 30% stake in the company following the disposal.
"The disposal of Improve marks a significant milestone in our programme of disposals and restructuring, which remains a key priority as we seek to re-focus the business on our core aquaculture disciplines and transition from R&D investment into profitability", said Benchmark chief executive Trond Williksen.
Andrew Jeffs, a Business Services partner at Cavendish Corporate Finance who advised Benchmark on the sale, added: “We are delighted to have advised on this disposal, which is an important step in Benchmark’s strategy to exit non-core areas to focus on its key disciplines, and further strengthens their financial position and liquidity.
"RJD Partners with their track record in education and training are the ideal partner for Heber and the Improve team. We expect to see many more deals in the sector as investment for digital delivery is accelerated by the imperative to respond to the impact of COVID-19.”