Bunn Fertiliser acquired as part of Origin spending spree

Irish company Origin Enterprises has announced it is acquiring the fertiliser blending and nutrition business of Norfolk-based Bunn Fertiliser and a digital agricultural services group called Resterra.

Origin has agreed to buy Bunn, one of the country’s oldest fertiliser suppliers, on a debt-free and cash-free basis for £14.2m.

It said the purchase would bring the Origin group of businesses operational and logistical efficiencies.

See also: Origin Enterprises buys UAP

Bunn’s turnover for the year ended 31 December 2016 was £127.7m and maintainable earnings before interest and tax is about £2.8m.

In a separate deal, Origin is paying an initial cash sum of £11.4m for a 100% interest in Resterra, which operates under the Ag Space and IPF (Intelligent Precision Farming) service brands.

It specialises in the delivery of bespoke precision agronomy applications and is a leading provider of agri-tech services to primary producers, input manufacturers and agri-service companies.

Both acquisitions will be funded from existing bank facilities.

Origin Enterprises is the overarching group for a range of businesses operating across Ireland, the UK, Romania and Poland, which include Origin Fertilisers and Agrii.