A New Jersey-based manufacturer of animal health and nutrition products has floated on AIM, raising $45 million (£22.8 million). Phibro Animal Health raised the bulk of the money from institutional investor 3i, which paid $97.2 million (including a previous investment) for a stake of 29.9 per cent in the company.

A New Jersey-based manufacturer of animal health and nutrition products has floated on AIM, raising $45 million (£22.8 million). Phibro Animal Health raised the bulk of the money from institutional investor 3i, which paid $97.2 million (including a previous investment) for a stake of 29.9 per cent in the company.

After payment of transaction-related costs, approximately $25 million will be used to reduce Phibro’s outstanding debts.

Jack Bendheim, Phibro’s chairman and president, says that 3i’s involvement will help the company to broaden its base through organic growth and acquisitions. Some 70 per cent of the company’s shares are held by the Bendheim family.

Phibro sells its products for poultry, pigs and cattle in over 50 countries, with the majority going to North America. In addition, it manufactures products for the chemical, electrical and automotive sectors.

The company has a market capitalisation of $345 million at the placing price.

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