Pindustry exits Fullwood Milking in sale to JOZ
Monday June 20, 2022
FRP Corporate Finance advises on deal
Independent international investment company Pindustry has completed the sale of Fullwood Milking to Dutch group, JOZ, in a deal supported by our Corporate Finance team.
Headquartered in Ellesmere, Shropshire, with offices in the Netherlands and Belgium, Fullwood Milking is a leading supplier of high-quality milking systems and robots to the agricultural sector. Since the business was founded in 1785, it has provided dairy farmers with milking solutions that are designed to ensure farmers can run productive and profitable businesses, whilst keeping their cows comfortable and healthy.
Fullwood Milking operates in 80 countries worldwide and has been backed by Pindustry, an independent investment company, since 2015. This deal sees Pindustry fully exit its investment in Fullwood Milking in a sale to the Dutch group, JOZ.
JOZ specialises in contemporary barn cleaning and has been developing manure and feed pushing systems for livestock farmers for more than 70 years. This deal will make JOZ a one-stop-shop for dairy farmers worldwide as it incorporates Fullwood Milking’s complementary product range into its group. Funding support has been provided by Rabo Investments, part of Rabobank Group.
The deal was supported by Fahim Kassam and Gary Hyem from our Corporate Finance team. Support was also provided by Partners Tony Barrell and Chad Griffin.
As part of the deal, Fullwood Milking will maintain its base in the UK, the Netherlands and Belgium and all employees remain with the company. It will also maintain all existing services with its dealer network.
Roel Nizet, a spokesperson for Pindustry, said: “As a result of this deal, Fullwood and its employees are embarking on a new, long-term phase with JOZ. By joining forces, there will soon be a strong, high-tech dairy company with a complete product range.”
Fahim Kassam, Senior Manager at FRP Corporate Finance, added: “The dairy farming market has developed at a brisk pace in recent years and there is real demand for high-tech solutions that enable farmers to work more productively. Fullwood Milking is a fantastic, innovative business and by combining its own research and development with that of JOZ’s there is huge growth potential. It’s been a pleasure to support the team on this deal.”
Arend Kuperus, CEO of JOZ, said: “At JOZ, we specialise in developing robots and smart solutions for barns, but until now we didn’t have our own milking systems. With this acquisition, we can now provide end users with innovations in the field of milk production, alongside our existing range of efficient manure removal and smarter feed distribution systems.”
Fullwood Milking is a fantastic, innovative business and by combining its own research and development with that of JOZ’s there is huge growth potential.Fahim Kassam Corporate Finance