National Milk to acquire Inimex Genetics?

Acquisition of Inimex Genetics Limited confirmed

National Milk Records Plc, the ISDX Growth Market quoted, leading supplier of milk services, has announced that on 1st October 2014 the Company acquired the entire issued share capital of Inimex Genetics Limited, one of the leading bull semen suppliers in the UK.

Inimex has been supplying the British and International genetics market with world class bull semen for over twenty five years, providing high quality semen for many of the better known direct semen selling companies. Inimex has secured contracts to be the sole UK importer for many of the top studs worldwide and also introduced hundreds of bulls into the UK. In 2007, Inimex formed Bullsemen.com to directly market top quality genetics to the UK dairy farmers. Bullsemen.com is now the only UK source for all the bulls from the main studs in the USA (Cooperative Resources International) and Germany (German Genetics International GBH).

In its financial year ended February 2014, Inimex made pre-tax profits of GBP 472,000 on turnover of GBP 1,445,000.

The total consideration payable by NMR for the acquisition of Inimex is GBP 2.217 million, of which GBP 1.635 million has been paid in cash on completion and GBP 0.582 million is deferred over 4 years, based on future profit targets. NMR has funded the acquisition from the Company’s existing cash resources.

Andy Warne, Managing Director of NMR said: “We are delighted to have acquired a complementary business which is cash generative and profitable. The acquisition of Inimex presents a number of opportunities for synergies with our existing business and I look forward to reporting on these in due course.”

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