Agri-company Alltech buys rival in €400m deal
Alltech is headquartered in the US, but was founded by Dundalk-born billionaire and biochemist Pearse Lyons in 1980. It has a presence in 128 countries around the world. Its €397m purchase of Ridley will create an enlarged entity with annual revenues of over €1.47bn and a global leadership position in the animal health sphere.
The target is one of the leading animal nutrition names in north America, based in Minnesota, but listed on the Toronto Stock Exchange.
Mr Lyons said the transaction will combine the two industry leaders and will allow Alltech to deliver improved performance and value to livestock and poultry producers around the world.
“With Ridley’s leading animal nutrition supplements, block products, extensive livestock and poultry producer distribution network, and on-farm presence, we will be able to bring our advanced nutrition technology to market faster and more effectively,” said Mr Lyons.
“This combination creates a new model to deliver superior animal nutrition and tailored feeding programmes, supported by robust scientific research and data analytics.
“This deal underscores our continued momentum in growing our business through strategic acquisitions of best-in-class companies with trusted technology and brand recognition.”
Improved animal nutrition is seen as vital for the productivity of the world’s livestock and food chain.
The combined company will have 4,200 employees. The deal is expected to close by the end of June, and depends on Ridley’s shareholder approval.
Alltech has a strong track record of successful acquisitions, having completed seven takeovers in the past four years. The company has more than doubled its sales in the last three years and is on target to achieve €3.7bn in sales in the coming years.
