Agri-services firm Origin Enterprises has agreed a deal to buy a initial 60pc stake in Ukraine firm Agroscope for €12.7m.
Founded in 2002, Agroscope provides a number of services to the agriculture sector including advisory support to arable and root crop growers. It employs 150 people and services over 1,200 customers.
While the deal is subject to a number of hurdles, it is expected to be finished during the first quarter of next year.
The company has forecast revenues and earnings for year end December 2013 of €77.9m and €5.21m respectively.
Origin has an option to buyout the firm fully with the purchase being funded from existing bank facilities.
“Agroscope is an excellent strategic fit for Origin adding complementary expertise and strong brand reputation on-farm with a dedicated commitment to excellence in customer fulfilment,” said Origin’s chief executive Tom O’Mahony.
“The acquisition underlines Origin’s strategic priority to scale its technology and service portfolios in new markets which provide meaningful agronomic application opportunity,” he added.