Benchmark Holdings, the Sheffield-based aquaculture genetics, health and specialist nutrition business, has completed the sale of Improve International Limited and its subsidiaries as it looks to exit non-core activities.
Improve, a global provider of continuing professional development training for veterinary professionals, has been sold to RJD Partners and Heber Alves, David Babington, and Rui Lobão.
Under the terms of the disposal, Benchmark will receive a total cash consideration of up to £12.75 million, comprising a £9.5 million initial payment on completion and deferred consideration of up to £3.25 million, payable in three instalments between completion and September 2022.
Benchmark said the disposal is an “important step” in its continuing strategy to exit non-core areas to focus on its key disciplines in the global aquaculture markets.
The disposal programme is expected to generate £27 million – £30 million in total with proceeds being used to strengthen the group’s financial position and liquidity.