Devenish seeks investment to bolster global footprint

Devenish chief executive Richard Kennedy
Devenish chief executive Richard Kennedy Devenish chief executive Richard Kennedy

AGRI-technology company Devenish says it is planning to raise capital in order to strengthen its international growth plans and capitalise on industry trends favouring companies that deliver sustainable solutions.

It comes as the Belfast firm, which provides environmental, animal and human health solutions, actively explores partnership opportunities within the food and feed industries across the globe as part of its ambitious expansion strategy.

Devenish, which has 750 staff at sites across the UK, Ireland, USA, Turkey and Uganda, 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.

Its chief executive Richard Kennedy 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 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, so 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.”

 In its most recent set of published results, Devenish had a group turnover of more than £226 million and its group assets are more than £23.5 million. 

The company says it is particularly 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, policy-makers and investors globally, and there is an understanding that we need to take a more long-term view,” Mr Kennedy said.

“The pandemic has highlighted 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.”