Ascendis Health has entered into agreements with a consortium comprising RMB Ventures Seven, Nedbank Private Equity and certain members of the management of the Ascendis Biosciences division for the sale of various businesses under its Biosciences division for R480-million.
A strategic review of the division had determined that it was noncore to the group’s strategy.
The businesses that will be sold to the consortium includes Efekto Zambia, Agro-Serve, Afrikelp, Efekto Care and Marltons Pets and Products.
Two of the remaining businesses in the Ascendis Biosciences division – Avima and Klub M5 – may be considered for divestment in the short to medium term.
The proceeds from the sale would be used to reduce Ascendis’ debt levels and to fund working capital.