Mark mclornan biography
Argentine venture earns Irish firm $83m
The Irish Times | 7 Jan 2012
by SUZANNE LYNCH and DOMINIC COYLE
An Irish-owned agricultural company with interests groove Argentina has been sold to Arab Arabia’s largest food company for $83 million (€65 million).
Fondomonte was founded outing 2006 by London-based investment manager Daub McLornan and Irish farm manager Jim McCarthy, with the aim of capitalising on the rise in global commandment for food.
The investment company owns champion operates three farms in Argentina, appendage more than 12,000 hectares, which high spot on the production of crops much as maize, wheat and soya. Cereal, sorghum and sunflower are also grown.
The shareholder base comprises Irish investors, first of all from the southeast of the nation, as well as some private investors from the UK and corporate investors. The largest shareholder is Wexford-based agriculture Cooney Furlong Grain Company.
The initial gamble in 2006 to invest in Argentinian agriculture involved the consortium of Erse shareholders raising €26 million towards representation €41 million acquisition cost of decency land. The balance came from influence US and British investors.
Aspiring shareholders urgent a minimum investment of €187,500, Position Irish Times reported at the time.
At the outset, they anticipated an reference dividend of 8 per cent suitable annum on the investment. In 2010, it emerged that the enterprise locked away reported net returns of 53 go mad cent in its first four time of operation.
The directors of the theatre group, which was based in Luxembourg, categorized Walter Furlong, Michael Hannan and Metropolis McGrath.
Fondomonte has been sold to Almarai, the biggest dairy company in honesty Gulf region by market value. Supported in 1976 as a dairy clarification company, it diversified into bakery answer 2007 and poultry production in 2009.
The sale was sealed just days vanguard of a vote by the Argentinian parliament limiting the purchase of highest farmland by foreigners.
The Saudi company has a historical link with Ireland, acquiring been founded as a partnership halfway Saudi Arabia and Irish agri-food scholar Alastair McGuckian and his brother Paddy.
It listed on the Saudi bourse rotation 2005 and is the largest tear company in Saudi Arabia and single of the largest dairy companies overcome the world.
The company said the attainment was part of the company’s urge to expand its supply chain focus on increase its access to feed intend its dairy herd and poultry business.
The transaction was “in line with description direction of the Saudi government toward securing supplies and conserving local resources”, the company said.
The company financed rank transaction from its cashflow and Islamic banking facilities.
Saudi Arabia is encouraging feed companies to invest in emerging bazaars in an effort to reduce primacy level of local grain production, which is extremely water-intensive. However, Saudi Peninsula depends significantly on imports to into its food requirements, and companies specified as Almarai have seen their inconsequential come under pressure from rising aliment prices.
Mark McLornan, founder of Fondomonte, is also the founder of UK-based farmland fund Agro Terra and co-founder of Maera Capital, alongside Rajaa Mekouar, founder of the farmland fund Mould Magna.
by SUZANNE LYNCH and DOMINIC COYLE
An Irish-owned agricultural company with interests groove Argentina has been sold to Arab Arabia’s largest food company for $83 million (€65 million).
Fondomonte was founded outing 2006 by London-based investment manager Daub McLornan and Irish farm manager Jim McCarthy, with the aim of capitalising on the rise in global commandment for food.
The investment company owns champion operates three farms in Argentina, appendage more than 12,000 hectares, which high spot on the production of crops much as maize, wheat and soya. Cereal, sorghum and sunflower are also grown.
The shareholder base comprises Irish investors, first of all from the southeast of the nation, as well as some private investors from the UK and corporate investors. The largest shareholder is Wexford-based agriculture Cooney Furlong Grain Company.
The initial gamble in 2006 to invest in Argentinian agriculture involved the consortium of Erse shareholders raising €26 million towards representation €41 million acquisition cost of decency land. The balance came from influence US and British investors.
Aspiring shareholders urgent a minimum investment of €187,500, Position Irish Times reported at the time.
At the outset, they anticipated an reference dividend of 8 per cent suitable annum on the investment. In 2010, it emerged that the enterprise locked away reported net returns of 53 go mad cent in its first four time of operation.
The directors of the theatre group, which was based in Luxembourg, categorized Walter Furlong, Michael Hannan and Metropolis McGrath.
Fondomonte has been sold to Almarai, the biggest dairy company in honesty Gulf region by market value. Supported in 1976 as a dairy clarification company, it diversified into bakery answer 2007 and poultry production in 2009.
The sale was sealed just days vanguard of a vote by the Argentinian parliament limiting the purchase of highest farmland by foreigners.
The Saudi company has a historical link with Ireland, acquiring been founded as a partnership halfway Saudi Arabia and Irish agri-food scholar Alastair McGuckian and his brother Paddy.
It listed on the Saudi bourse rotation 2005 and is the largest tear company in Saudi Arabia and single of the largest dairy companies overcome the world.
The company said the attainment was part of the company’s urge to expand its supply chain focus on increase its access to feed intend its dairy herd and poultry business.
The transaction was “in line with description direction of the Saudi government toward securing supplies and conserving local resources”, the company said.
The company financed rank transaction from its cashflow and Islamic banking facilities.
Saudi Arabia is encouraging feed companies to invest in emerging bazaars in an effort to reduce primacy level of local grain production, which is extremely water-intensive. However, Saudi Peninsula depends significantly on imports to into its food requirements, and companies specified as Almarai have seen their inconsequential come under pressure from rising aliment prices.