CRAIGAVON, NORTHERN IRELAND – Fane Valley Feeds, one of the largest feed manufacturers in Northern Ireland, recently announced that it has reached an agreement with Freshgrass Holdings to become 50-50 joint owners of Drummonds, an Irish grain and feed company.

The transaction is subject to the approval of The Competition and Consumer Protection Commission.

Both parties said 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.”

Trevor Lockhart, chief executive officer of Fane Valley Cooperative Society, said of the joint venture, “Everyone at Fane Valley is looking forward to working together with 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”.

Liam Woulfe, chairman of Drummonds, described the agreement as “a very exciting opportunity for our excellent staff, cereal growers and agri-customers.”

“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,” he said.

Fane Valley Feeds is Northern Ireland’s second largest animal feed manufacturer, operating three production sites that supply over 300,000 tonnes annually to the ruminant pig and poultry sectors.