DLA Piper has advised Benchmark Holdings plc, a market leading aquaculture genetics, specialist nutrition and health business, on the sale of its Genetics business to Starfish Bidco AS, a wholly owned subsidiary of Novo Holdings A/S (Disposal). The total enterprise value of the deal will be GBP260 million, which represents a multiple of 17.9 x adjusted EBITDA.

The Disposal will enable Benchmark to focus on its Advanced Nutrition and Health business areas and creates an opportunity to reduce complexity and streamline the current Benchmark Group structure in order to significantly reduce costs. Net proceeds from the Disposal will be used to return capital to shareholders and to reduce Benchmark’s leverage, thereby strengthening its balance sheet.

Completion of the Disposal is expected during the first quarter of 2025 subject to shareholder approval and receipt of customary regulatory clearances.

The DLA Piper team was led by Corporate partner Jon Earle who was supported by a cross practice team including Corporate Legal Director Karin Kirschner, Senior Associate Kirsty Underhill and Associate Gemma Sprules, Competition partner Sarah Smith, Legal Director Chloe Cumber and Associate Juliette Ginsberg, Employment Legal Directors Martin MacLeod and Lisa Hodgson and Associate Clodagh Lodge, Commercial/IP Legal Directors Dan Cowley and Satnam Sahota and Senior Associate Kurt Davies and Tax Legal Director Nick Hinton.

DLA Piper Corporate partner Jon Earle, commenting on the deal, said: “Following a formal sales process under the Takeover Code, the transaction will unlock significant value for Benchmark and allow it to focus its efforts on developing the potential of its continuing businesses. At DLA Piper we pride ourselves in clarifying complexity for our clients and to act decisively as a result. This deal was a clear illustration of this and we look forward to seeing the success of Benchmark as it moves forward.”