31st Jul 2007 11:00
Origin Enterprises Plc31 July 2007 Origin Enterprises plc acquires full control of Odlums Group Origin Enterprises plc ("Origin") announces that it has reached agreement withGreencore Group plc ("Greencore") to acquire its 50% shareholding in Odlum Group("Odlums"). Following the acquisition Origin will own 100% of Odlums. Theproposed transaction is conditional upon clearance from the CompetitionAuthority. Odlums is Ireland's premier flour milling company operating three mills atDublin, Cork and Portarlington, Co.Laois. Odlums owns the leading retail flourbrand in the Irish market. The company also operates a specialist oatmealmanufacturing facility servicing the Irish retail market under the Odlums brandand the growing UK and North American markets under the McCanns brand. The €35 million consideration for the 50% stake is being funded from existingbank facilities. Odlums generated turnover for the year ending 29 September 2006of €75.8m. The company had net assets of €15.8m as at 29 September 2006 with netbank debt at that date of €18.6m. Commenting on the acquisition, Tom O'Mahony, Chief Executive of Origin said: "Odlums, as Ireland's leading cereal miller, is a strongly positioned brandfocussed business with a unique commitment to customer service and quality. Theacquisition is an excellent fit for Origin complementing our existing ambientfood brands within Shamrock Foods and the raw material sourcing and logisticscapability within R & H Hall. The business comes with the benefit of adevelopable property footprint within the recently published Cork SouthDocklands Local Area Plan. The acquisition represents the first step in thestrategic development of Origin." Origin is a leading player in the agri-nutrition sector in Ireland and theUnited Kingdom and a leading ambient food sales and marketing company inIreland. Shares in Origin were admitted to trading on the IEX and AIM markets of theDublin and London Stock Exchanges on the 5th June 2007. Ends. Tuesday, 31 July 2007 For further information please contact: Origin Enterprises plcBrendan Fitzgerald, Chief Financial Officer Tel: +353 1 612 1259 Murray ConsultantsJoe Murray Tel: +353 1 498 0300 Mobile: +353 86 253 4950 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
OriginGreencore