Fane Valley acquires 50% of Drummonds shares
Joint venture will create series of new strategic initatives
Freshgrass Holdings and Fane Valley Co-operative Society have reached an agreement to become 50/50 joint owners of Drummonds, subject to the approval of The Competition and Consumer Protection Commission.
Both parties have confirmed that the key objectives of the joint venture will be to continue to support the excellent business relationships formed over the years by Drummonds and to enhance the competitive advantages of the business through a series of new strategic initiatives.
“This is a very exciting opportunity for our excellent staff, cereal growers, agri-customers and all other stakeholders,” said Liam Woulfe, chairman of Drummonds. “The primary driver to creating this JV is solely to utilize the strengths and business acumen of both partners to deliver an even more successful Drummonds’ proposition, especially given the increasing focus on the environment and sustainability.”
Trevor Lockhart, CEO, Fane Valley Co-operative Society, said: “Everyone at Fane Valley is looking forward to working together with Liam, the Drummonds’ management team and staff to make Drummonds the very best business it can be, to the benefit of its farmer suppliers, customers, employees and shareholders. In my view, this is an exceptional business partnership and from our discussions and assessments there are great synergies in the vision, ambition and culture of both partners.”