Devenish, the Northern Ireland-based animal nutrition and ag-tech company, has announced plans to raise finance from outside investors to fund further growth in international markets and capitalise on sustainability trends in the global food sector. The Irish Farmers Journal understands the company is seeking to raise in the region of £50m (€58m) from investors.
Devenish said it had appointed Goodbody as its financial advisors to explore a number of options with potential financial investors and industry partners.
Headquartered in Belfast, Devenish has sites across Ireland, the UK, the US, Turkey and Uganda. The company employs over 750 people and has sales in more than 40 international markets.
“The past number of years have seen rapid growth for Devenish internationally. In the US, we will have grown from two manufacturing sites when we first started there to six by the end of this year,” said Devenish chief executive Richard Kennedy.
“We have ambitious plans to further build on our global footprint, and we intend to secure further investment as part of that strategy,” he added.