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Animalcare Group
- BY: Andrew Hore |
- POSTED: 27/01/2008 |
- COMMENTS: Add yours
Animalcare joined Aim following the purchase of part of cattle and pig breeding business Genus.
The Animalcare pet drugs and products business was bought from Genus for up to £14m. The initial payment was £13.4m in cash. The company raised £6.4m net (£7.7m gross) at 55p a share and the rest of the cash came from new banking facilities.
Animalcare changed its name from Ritchey when it transferred from Plus-quoted to Aim. It started out as a manufacturer and supplier of livestock tags and agricultural supplies and joined Ofex (Plus-quoted) in 2001.
The acquired business takes the group into the pet products sector which has better growth prospects. It also offers the chance to expand into Europe.
The original business generated EBITDA of £600,000 on revenues of £8.3m in the year to June 2007. In the same period the acquired business made EBITDA of £1.3m on sales of £7.6m. Animalcare is developing new drugs for niche markets that are too small for the likes of Dechra, its much larger rival.
The shares are trading at 58p.
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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