The Competition and Consumer Protection Commission has given the green light to Fane Valley’s purchase of a 50% stake in Irish feed, grain and agronomy company, Drummonds.

In a statement today (Monday, January 31) Freshgrass Holdings and Fane Valley Co-operative Society confirmed that the joint ownership deal had been approved earlier this month, and will take effect from tomorrow (Tuesday, February 1).

In a statement, Liam Woulfe, who will continue to serve as chairman of Drummonds, commented:

“The reaction from everyone associated with the business since the joint venture was first announced at the end of November has been extremely positive.

“This partnership opens up many new opportunities for Drummonds and I am very pleased that all the regulatory and legal processes have been successfully completed and that we can now move forward.”

CEO, Fane Valley Co-operative Society, Trevor Lockhart, said:

“Drummonds is a long-established, successful and trusted business and Fane Valley is delighted to have the opportunity to partner in it with Freshgrass Holdings.

“There is a very compelling strategic rationale for this joint venture and many synergies to be realised for the benefit of farmer suppliers, customers, and employees. We are hugely excited that this work can now get underway”.

As reported by Agriland in November 2021, both parties said that 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”.