Liffey Mills is to sell its 50% stake in Drummonds, the animal feed and seed business headquartered in Clonee, Co Meath. Liffey’s 50% stake is to be acquired by its partner in the business Freshgrass Group for an undisclosed sum. The transaction will be subject to regulatory approval. In 2015, Drummonds reported turnover of €55.3m with operating profits of €1.6m, giving the business margins close to 3%.
Liffey Mills and Freshgrass Group entered into a 50:50 joint venture to acquire the Drummonds business from Greencore at a cost of €15.5m in 2009. The business has grown significantly in recent years and now Freshgrass Group will assume full control.
Freshgrass Group, which is owned by Liam Woulfe and Thomas Brown, was originally the controlling company behind Grassland Fertilisers before it sold 50% to French fertiliser company, Group Roullier. Drummonds will continue to operate as normal, with the current management structure.
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Liffey Mills is to sell its 50% stake in Drummonds, the animal feed and seed business headquartered in Clonee, Co Meath. Liffey’s 50% stake is to be acquired by its partner in the business Freshgrass Group for an undisclosed sum. The transaction will be subject to regulatory approval. In 2015, Drummonds reported turnover of €55.3m with operating profits of €1.6m, giving the business margins close to 3%.
Liffey Mills and Freshgrass Group entered into a 50:50 joint venture to acquire the Drummonds business from Greencore at a cost of €15.5m in 2009. The business has grown significantly in recent years and now Freshgrass Group will assume full control.
Freshgrass Group, which is owned by Liam Woulfe and Thomas Brown, was originally the controlling company behind Grassland Fertilisers before it sold 50% to French fertiliser company, Group Roullier. Drummonds will continue to operate as normal, with the current management structure.
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