Sheffield-based aquaculture biotech firm Benchmark has finalised the sale of its genetics division to Novo Holdings for £260m. The deal, initially reported in November 2024, includes an upfront payment of £230m and contingent consideration of up to £30m.
For the year ending 30 June 2024, the genetics business generated £57m in revenue and £14.5m in adjusted EBITDA. As of 30 June 2024, its net assets stood at £52.8m.
After adjustments related to cash, debt, and working capital, Benchmark expects to receive approximately £194m in gross cash proceeds, excluding potential earn-out payments.
Following the repayment of £63m for Benchmark’s unsecured green bond and £23.75m under its revolving credit facility, net cash proceeds are expected to total £107.5m. Benchmark will disclose further details on its ongoing strategy and use of proceeds in mid-April.
