Freshgrass Holdings and Fane Valley Co-operative Society confirmed on Monday that their 50/50 joint ownership of Drummonds will take effect from 1 February 2022.
The deal follows clearance of the transaction by the Competition and Consumer Protection Commission in early January.
Liam Woulfe, who will continue to serve as chair of Drummonds, said: “The reaction from everyone associated with the business since the joint venture was first announced at the end of November has been extremely positive.
“This partnership opens up many new opportunities for Drummonds and I am very pleased that all the regulatory and legal processes have been successfully completed and that we can now move forward.”
Fane Valley Co-operative Society CEO Trevor Lockhart added: “Drummonds is a long established, successful and trusted business and Fane Valley is delighted to have the opportunity to partner in it with Freshgrass Holdings.”
He described a “very compelling strategic rationale” for the joint venture and noted that there are “many synergies to be realised for the benefit of farmer suppliers, customers, and employees”.
“We are hugely excited that this work can now get under way,” he said.