Masstock bought by Irish farming and food company

Masstock has found a new long-term owner to replace the venture capital firm that took a principal stake in the agronomy, consultancy and farm inputs business 10 years ago.

Irish agri-nutrition and food group Origin Enterprises has paid £26m for the share capital of Masstock Group Holdings, which owns Masstock Arable UK the parent company of seed and fertiliser business Dalgety. A further £10m will be payable if certain profit targets are achieved by 2012.

Masstock CEO Declan Giblin said it would be business as usual as far as the company's day-to-day running was concerned. There would be no personnel changes and the firm would continue to trade under its new Masstock Smart Farming Branding, he added.