Devenish seeking investment
Global agri technology company Devenish has announced plans to raise capital in order to strengthen its international growth plans and capitalise on industry trends favouring companies that deliver sustainable solutions.
Headquartered in Belfast with sites across Ireland, the UK, USA, Turkey and Uganda, Devenish is a leading provider of environmental, animal and human health solutions.
Employing over 750 people globally and trading in over 40 countries, Devenish carries out pioneering research and development in health and sustainability throughout the food chain in response to the growing consumer demand for safe, nutritious and sustainably produced food.
Richard Kennedy, Chief Executive, Devenish said: “The past number of years have seen rapid growth for Devenish internationally, and we now have a presence in over 40 countries. In the US, we will have grown from two manufacturing sites when we first started there, to six, by the end of this year. We are also growing in emerging markets, expanding our operations in Mexico and setting up new business in the Latin American region and elsewhere.
“We have ambitious plans to further build on our global footprint, and we intend to secure further investment as part of that strategy. We have appointed Goodbody as our financial advisers to explore a number of options with potential financial investors and industry partners.”
The company is well placed to capitalise on a changing regulatory landscape and broader industry trends favouring sustainable solutions. “Covid-19 has brought about a paradigm shift for industry, policymakers and investors globally, and there is an understanding that we need to take a more long-term view,” Richard said. “The pandemic has highlighted for policymakers the importance of health and nutrition, including having a better understanding of where our food comes from. At the same time, there is a growing demand for food that is produced with minimal impact on the environment. Governments are shaping their food and farming policies around the pillars of environmental sustainability and human health – the EU’s Green Deal is a case in point. Over the coming decades there are huge opportunities for companies that are delivering solutions in terms of sustainable food production, and responding to the demand for authentic and transparent supply chains.
“These are areas Devenish has had built into our core from day one. Our solutions allow our customers, and the feed and food industry as a whole, to become more sustainable. Investment in R&D is key to our business model, and we are at the forefront of cutting-edge research into carbon neutral beef farming, with our ongoing work at our research farm in Dowth, Co. Meath. Similarly, our OmegaPro solution, a sustainable, algae-based source of Omega-3 Polyunsaturated Fatty Acids, has the potential to be transformative in terms of public health.”
Devenish is actively exploring partnership opportunities within the food and feed industries across the globe as part of its ambitious international growth strategy.