Devenish seeking investment for global expansion
Richard Kennedy, chief executive, Devenish told FeedNavigator:
"We are launching an equity fundraising to support our growth and fulfil our strategic ambition. Both strategic and financial investors are under consideration and the process is being managed by our financial advisers, Goodbody.
“We have been growing rapidly for some time. Securing investment will bolster our ambitions to further build on this success, further grow our presence in emerging markets and capitalize on the growing demand for sustainable food systems.”
The company, said the CEO, is actively exploring partnership opportunities within the food and feed industries worldwide in the context of those growth ambitions.
Headquartered in Belfast, with sites across Ireland, the UK, US, Turkey and Uganda, Devenish currently employs over 750 people globally.
“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 when we first started there, 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,” said the CEO.
He claims the company is particularly well placed to capitalize on a changing regulatory landscape and broader industry trends favoring sustainable solutions. “COVID-19 has brought about a paradigm shift for industry, policymakers and investors globally, and there is an understanding that we need to take a more long-term view. The pandemic has highlighted for policymakers the importance of health and nutrition, including having a better understanding of where our food comes from.”
Investment in R&D is key to its business model, said Kennedy, with it exploring carbon neutral beef farming at its research farm in Co Meath, in the Republic of Ireland, and it having developed an algae-sourced omega-3-PUFAs product for use in poultry feed, for instance.
There is a growing demand for food that is produced with minimal impact on the environment, added Kennedy. "Governments are shaping their food and farming policies around the pillars of environmental sustainability and human health – the EU’s Green Deal is a case in point. Over the coming decades there are huge opportunities for companies that are delivering solutions in terms of sustainable food production, and responding to the demand for authentic and transparent supply chains."
