Benchmark Genetics to Be Acquired by Novo Holdings in Major Aquaculture Deal
Deal News | Nov 25, 2024 | PR Newswire Cision Novo Holdings
Novo Holdings has announced an agreement to acquire Benchmark Genetics, a leader in salmonid genetics, from Benchmark Holdings for an enterprise value of up to £260 million. Based in Bergen, Norway, Benchmark Genetics provides genetic services to aquaculture farmers globally, with operations in numerous countries including Norway, Iceland, Chile, and the Faroe Islands. The acquisition aligns with Novo Holdings' strategic focus on driving growth and sustainability in aquaculture technology. This move is intended to enhance productivity and environmental outcomes in the industry. Completion of the transaction is expected in the first quarter of 2025, pending shareholder approval and regulatory clearances. Novo Holdings sees this as an opportunity to leverage its industry expertise and network to support Benchmark Genetics' global ambitions and sustainable growth.
Sectors
- Aquaculture
- Private Equity
Geography
- Denmark – Novo Holdings, the acquiring company, is based in Denmark.
- Norway – Benchmark Genetics, the target company in the acquisition, is headquartered in Bergen, Norway.
- United Kingdom – Benchmark Holdings plc, the selling company, is based in the UK.
Industry
- Aquaculture – The acquisition focuses on aquaculture genetics, a key business area of Benchmark Genetics, providing solutions to enhance fish farming productivity and sustainability.
- Private Equity – Novo Holdings, a major private equity firm, is actively involved in the acquisition, reflecting the investment and M&A activities within the PE sector.
Financials
- £230 million – Initial consideration for the acquisition of Benchmark Genetics.
- £30 million – Additional contingent consideration based on certain revenue thresholds.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Benchmark Genetics | Target | Company | A leading aquaculture genetics company headquartered in Norway, specializing in salmonid genetics. |
| Benchmark Holdings plc | Seller | Company | The UK-based parent company selling Benchmark Genetics. |
| Novo Holdings | Buyer | Company | A Danish investment company managing the assets of the Novo Nordisk Foundation, acquiring Benchmark Genetics. |
| PJT Partners | Financial Advisor | Company | Acting as financial advisor to Novo Holdings in the acquisition. |
| Latham & Watkins | Legal Advisor | Company | Providing legal advice to Novo Holdings for the transaction. |
| Aleks Engel | Partner, Planetary Health Investments | Person | Novo Holdings executive involved in the acquisition announcement. |
| Johan Hueffer | Senior Partner, Principal Investments | Person | Novo Holdings executive commenting on the strategic importance of the acquisition. |
| Trond Williksen | CEO of Benchmark | Person | CEO overseeing the sale of Benchmark Genetics to Novo Holdings. |
| Geir Olav Melingen | Head of Benchmark Genetics | Person | Executive at Benchmark Genetics commenting on the future under Novo Holdings. |