France's InVivo may seek more outside investors
PARIS, March 30 (Reuters) - French agricultural group InVivo could turn to more outside investors in the coming years after a successful 215 million euro ($233 million) capital increase for its animal nutrition and health unit NSA, it said on Monday.
InVivo, which groups some 200 farming cooperatives, has been reorganising its activities as part of a plan to double sales over the next 10 years from around 6 billion euros.
It formally concluded the capital increase for InVivo NSA on Monday, a move in which four partners led by investment firm Eurazeo will acquire one third of the unit's capital.
"The other three divisions don't yet have the same level of maturity as InVivo NSA but within the next three years we will have some other options for them too," InVivo Chief Executive Thierry Blandinieres said at a news conference.
The group's other divisions cover grain trading, farm supplies and retail activities.
In grain trading, InVivo has in the past year developed a collaboration on sourcing with U.S. group Archer Daniels Midland and other undisclosed partners.
As part of its overseas expansion, InVivo is setting up a group office in Singapore and its role will include helping the group develop a long-term presence in exporting grain to China, Blandinieres said later.
InVivo officials reiterated that the NSA unit is still working on finalising an acquisition in Indonesia, which it now hopes to sign off in April or May.
Alongside Eurazeo, the other participants in capital increase are CDC International Capital (FFC), part of state-owned bank CDC, Credit Agricole's Idia unit and grain sector investment fund Unigrains. Continuación...