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By Press Release in Industry News on 6th Jan 2012 15:20
CK Life Sciences announced that it has entered into an agreement to acquire the businesses of the Peaty Trading Group, comprising Barmac Pty Ltd, Globe Australia Pty Ltd, Globe Equipment Solutions Pty Ltd, and certain assets of Rickwood Pty Ltd (collectively referred to as "Peaty" or the "Companies") in Australia.
Total consideration for the acquisition is A$31.34 million, approximately HK$252 million.
Peaty's businesses encompass a vertically integrated producer, wholesaler and distributor of plant protection, specialty fertilisers and pest control products for the professional turf, agricultural, horticultural and urban pest control markets with operations across Australia.
With origins dating back over 55 years in the Australian agriculture market, Peaty is a leading supplier of products and services in the professional turf management industry and the pest management industry. Not only does Peaty enjoy a good reputation, the Companies also boast a good financial track record. In the last financial year ending 30 June 2011, Peaty generated over A$3.27 million, approximately HK$26 million of unaudited consolidated profit.
Mr. HL Kam, President and Chief Executive Officer of CK Life Sciences said, "We are very pleased with the acquisition of Peaty. This transaction marks CK Life Sciences' first acquisition in the year 2012, following closely the purchases of Challenger Wine Trust and Qualco West Vineyard in February and October 2011 respectively."
"This investment has good growth potential and provides us with immediate cash flow contributions. It will also enable synergy to be achieved in relation to sales and costs, bringing about substantial operation and financial benefits to CK Life Sciences' existing operations. These are all consistent with our acquisition growth strategy," Mr. Kam continued.
"This acquisition will strengthen CK Life Sciences' market coverage in its agriculture-related business in Australia, as well as bring to CK Life Sciences an extensive customer base and distribution network," Mr. Kam expressed. "With the inclusion of Peaty to our portfolio, CK Life Sciences will become one of the largest suppliers of agricultural products and services in Australia, particularly in turf management, home garden products and pest management," Mr. Kam added.
"We are delighted to add Peaty to our Australian portfolio of agricultural-related investments. CK Life Sciences will continue to seek new investment opportunities to further expand our businesses in the vineyard, turf and pesticide industries, as well as in other fields in the future," Mr. Kam concluded.
The transaction is expected to be completed in the first quarter of 2012.
About CK Life Sciences:
CK Life Sciences Int'l., (Holdings) Inc. is a listed company on The Stock Exchange of Hong Kong Limited (stock code: 0775). Bearing the mission of improving the quality of life, the Company is engaged in the business of research and development, commercialisation, marketing and sale of health and agriculture related products. CK Life Sciences is a member of the Cheung Kong Group.
For additional information, please visit www.ck-lifesciences.com
Read more articles in Industry News, by Press Release or from January 2012.
