Ireland-listed agri-services group Origin Enterprises has completed the purchase of a majority stake in Ukraine-based firm Agroscope, according to The Irish Times.
Origin has picked up an initial 60% interest in the Ukrainian firm for $17.6 million (€12.7 million). This is based on Agroscope's enterprise value of $29.7 million (€21.2 million). The Irish firm has an option to gain full control of the said business based on its profitability in the future. The stake buy is funded by Origin's bank facilities, the report detailed.
Founded in 2002 in Ukraine, Agroscope is a company that provides high specification inputs, agronomy services, and advisory support to growers of arable and root crops, the report said.
Under the terms of the said deal, Agroscope's present management team headed by Iryna Ivanova will maintan its position in the company. Ivanova is the founder and chief executive of Agroscope, the report stated.
For the year-end December 2013, Agroscope's forecast revenue is pegged at $107.51 million with earnings before interest and tax of $7.19 million, The Irish Times reported.
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