Devro acquires shares in PV Industries
Devro, one of the world's leading manufacturers of collagen products for the food industry, yesterday entered into an agreement to acquire 100% of the shares in PV Industries B.V. ("PVI"). PVI is a leading manufacturer of high quality collagen gel products for the meat processing industry. Based in the Netherlands, PVI offers Devro access to a strong technical skills base together with an innovative and developing product portfolio.
Completion of the acquisition is conditional upon clearance by the authorities in certain EU jurisdictions.
The consideration payable is the equivalent of c. €12.5 million on a debt-free basis, with a possible additional payment of up to €1 million under an earn-out arrangement. In 2014, PVI's EBITDA was €1.3 million on sales of €6.3 million.
Simon Webb, Devro plc Group Finance Director, said: "This acquisition supports Devro's strategy by growing sales of collagen products through product differentiation and enhancing value for customers. It will strengthen our presence in Europe, extending our product knowledge and technical expertise in a specialist sector."