EIB invests €40 million in agri-tech company Devenish Nutrition

Belfast-based agri-technology company Devenish Nutrition has secured €118 million in long-term funding to enable its research, development and growth plans. This major refinancing deal is made possible by a pioneering investment of €40 million from the European Investment Bank (EIB). The EIB investment has been combined with commitments from Devenish’s new commercial finance partners, Ulster Bank and Danske Bank.

The EIB investment is the largest ever support for agri-business in Ireland by the EIB. It is also the first support for the agri-business sector in the country under the Investment Plan for Europe, in which the European Commission and EIB are strategic partners.

The EIB loan will enable Devenish to develop a purpose-built Global Innovation Centre in Dowth, County Meath, from where it will develop and showcase its ‘One Health – from Soil to Society’ research, development and innovation programme. It will also fund innovation related capital projects and research into optimized animal nutrition, food innovation, health, and sustainability.

Devenish has ambitious long-term growth plans; by 2021 it aims to increase turnover by over £100m to circa £315m and add over 100 new jobs to its current 450-strong international employee base. The dual support from Ulster Bank and Danske Bank will fuel this growth.

“Agribusiness around the world faces increasing competitiveness as well as economic and political pressures. Devenish has been involved in animal nutrition for more than 60 years and their continuous investment in research and development of new products is crucial in addressing these pressures,” said Andrew McDowell, Vice President of the European Investment Bank.

Original source: EIB
Published on 7 August 2018