IAWS to raise €100m through Origin listing on AIM, IEX

CONVENIENCE food group IAWS will list its Origin Enterprises subsidiary on the IEX market in Dublin and the AIM in London and raise €100 million in the process.

Funds raised will be used to expand the group’s interests that include fertilisers animal feeds and the Shamrock Foods ambient food range.

The group also has a key 50% equity stake in Odlums and produces marine proteins. Its activities span the British and Irish markets.

Chief executive Tom O’Mahony said the €100m will be used to fund acquisitors across the main activities of Origin and that companies in both Ireland and Britain were legitimate targets as the group moves to boost its turnover and profits.

At this stage a move into mainland Europe has been ruled out “but we haven’t closed our mind to future possibilities further down the line”, he said.

Building up the group’s animal feeds, fertiliser division and Shamrock Foods operations will form the core strategy for the first few years of the group’s existence.

It is expected that Origin shares will commence trading onto the IEX and AIM in June an that the group will remain a subsidiary of IAWS for the foreseeable future.

Apart from its businesses the group has properties with potential commercial development in the coming years.

That land includes a strategically located 30 acres of land in Cork’s docklands close to the city centre where its R&H Hall animal feed operations are located.

However, the failure in putting a masterplan together for the commercial development of the area means it will be five years at the very earliest before any move to develop that site can be contemplated.

In the ambient food sector Shamrock Foods which included the Roam as well as the Shamrock brands constitutes a significant part of the overall group, accounting last year for about €235-€240m of the €817m turnover generated by the group.