Benchmark Holdings PLC, a leading aquaculture genetics, nutrition, and health business, has announced a strategic review and the commencement of a formal sale process. The company specializes in delivering advanced biotechnology products and solutions to improve aquaculture industry productivity and sustainability. It holds market-leading positions in genetics, early-stage nutrition, and sea lice solutions, with a well-invested infrastructure to support growth.

Benchmark's genetics strategy focuses on continuous genetic improvement in growth and disease resistance, while its nutrition arm, through INVE, provides advanced nutrition solutions for shrimp and marine fish production. The health business addresses sea lice, a significant sustainability challenge for salmon farmers globally, through veterinary medicinal treatments.

Over the last three years, management actions have led to substantial revenue growth and improved profitability and cash conversion. For the full year ended 30 September 2023, Benchmark delivered 7% revenue growth, a 15% increase in adjusted EBITDA, and improved operational cash conversion, demonstrating continued progress despite challenging conditions in the shrimp sector.

The Board believes that the current share price undervalues the combined value of Benchmark's businesses and long-term prospects, potentially due to the tightly held and illiquid nature of its ordinary shares. As a result, the Board has unanimously decided to undertake a formal review of the Company's strategic options, including a potential sale of the company as a whole or its individual business units.

The UK Takeover Panel has granted a dispensation to enable confidential discussions with interested parties within the context of a formal sale process. Benchmark's financial advisers, Evercore and Rabobank, will handle proposals. The company intends to conduct a targeted process, with interested parties required to enter into a non-disclosure agreement and standstill arrangement to participate in the first phase.

The Board reserves the right to alter or terminate the process and will make further announcements as appropriate. Benchmark is not currently in discussions with any potential offeror relating to an acquisition of the issued and to be issued share capital of the Company.