Belfast-based agritech company Devenish Nutrition is aiming to raise turnover by more than £100 million (€111.7m) and add 100 new jobs after securing €118 million in long-term funding.
The refinancing deal includes €40 million from the European Investment Bank (EIB), along with additional financial support from Ulster Bank and Danske Bank.
The EIB investment is the largest support for agri-business in Ireland made by the organisation to date and is also the first support for the sector under the Investment Plan for Europe, which is more commonly known as the Juncker Plan.
The loan enables Devenish to develop a new global innovation centre in Dowth, Co Meath. It will also fund innovation related capital projects and research into optimised animal nutrition, food innovation, health and sustainability.
Devenish, which was founded in 1952, supplies animal feeds for the pig, poultry and ruminant sectors. The company reported a £1.4 million pretax loss in 2016, the last year for which accounts are publicly available. Turnover that year totalled £82.5 million.
Following the funding agreement, Devenish said it is looking to increase turnover to £315 million by 2021 and grow its employee base to 550.
"This major financial boost marks a most significant milestone for Devenish as we seek to realise our vision of becoming the world's leading provider of integrated animal, human and environmental health solutions," said chief executive Richard Kennedy.
“This funding will be invested in the business to build and grow our research and development and manufacturing capabilities as well as facilitate our mergers and acquisitions activity,” he added.
