Fane Valley Co-operative has confirmed that it has reached agreement with Donegal Investment Group plc to acquire Robert Smyth & Sons Limited trading as Smyths Daleside Animal Feeds, subject to approval from the Competition and Consumer Protection Commission.
The acquisition will incorporate Smyth’s subsidiary companies including Burke Shipping Services Ltd, based in Lisahally Port.
Founded in 1865, Smyths Daleside Feeds is a leading provider of animal feed products and nutrition, located in Ballindrait, Co.Donegal. Strategically located near the port in Lisahally, Smyths supplies a broad range of ruminant and monogastric feeds to a diverse customer base across the North and West of Ireland.
Trevor Lockhart, Fane Valley Group - Chief Executive commented: “We are delighted to be acquiring Smyths Daleside Animal Feeds. It has built a strong brand and reputation for premium feed products, flexible and innovative feed solutions and excellent customer service. The company will continue to trade under the Smyths Daleside name and day-to-day operational responsibility will remain with local management and staff. Customers can therefore be assured of a ‘business as usual’ approach in their dealings with the company going forward.”
Trevor Lockhart continued: “The acquisition is a ‘natural fit’ for Fane Valley and presents an opportunity for the Co-op to further extend its catchment area for the supply of animal feed products and nutritional services.
“It will complement the Co-op’s £18m investment in a new feed mill in Omagh, Co.Tyrone in 2010 and demonstrates Fane Valley’s commitment to the future of livestock production in this region. The Board of Fane Valley acknowledges the support of Ulster Bank for the acquisition and for their on-going assistance to the Group.”