Origin enterprises, the completion of the Brazilian collection

  • Origin enterprises, the completion of the Brazilian collection
    Independent.t. E.
    Argi-services firm Origin enterprises has completed the acquisition of 65pc stake in Brazilian-based specialty food and inputs, crops, business, commercial Fortgreen Agricola.
    https://www.independent.ie/business/irish/origin-enterprises-completes-brazilian-acquisition-37213954.html
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Argi-services firm Origin enterprises has completed the acquisition of 65pc stake in Brazilian-based specialty food and inputs, crops, business, commercial Fortgreen Agricola.

Under the deal, origin and initially paid BRL179m (€41.3 m) for the company. Additional BRL39m (€9 million) will be paid within 12 months based on the achievement of specific company objectives.

Revenue and adjusted profit for the year ended 31 December 2017 in Fortgreen was BRL123m (€28,4 m) and BRL40m (€9.3 m), respectively.

The deal was initially reported in June of this year.

A separate deal to acquire 20pc stake in Brazilian services of agronomy and the crop input distribution business, Ferrari, Zagatto CIA (“Ferrari”), is scheduled for completion in the first half of the origin of the 2018/2019 financial year.

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In today’s statement of origin, which already has a presence in Ireland, the UK, Belgium, Poland, Romania and Ukraine, said that the two investments to emphasize its priority in terms of technology and service portfolios in the markets that provide “significant growth opportunities”.

“The transaction also provide a platform to meet the needs of the group in any meaningful geographic diversification and seasonality the balance,” said the origin.

The company will be releasing its preliminary results for the year ended 31 July 2018 on 26 September.

In the past month origin appointed Brendan Corcoran in the role of Director of investor relations and group planning.

Mr. Corcoran, who is “rich” agribusiness experience in corporate banking career spanning over thirteen years, will begin the role in September.

It goes into the origin of HSBC corporate banking, where he was Director of relationship leading in agri, food and beverage, portfolio, consultancy and services to corporate customers in the sector.

Prior to joining HSBC in 2010, Mr. Corcoran was a senior communications officer at AIB capital markets.

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