February 11, 2025

Constantinsborg, part of Heartland, submits voluntary cash offer for agricultural company FirstFarms (publ.)

Press Release
Constantinsborg, part of Heartland Group, has decided to make a voluntary cash offer for all shares in FirstFarms, excluding FirstFarms' own shares and those already owned by Heartland. The offer values FirstFarms' total share capital at approximately DKK 936m, which implies an enterprise value of DKK 1,682m (incl. net debt of 746m as of September 2024). This would imply an EV/EBITDA (Q3-2024 LTM) of 15.5x. FirstFarms is a Danish agricultural company specializing in sustainable farming, high-quality food production, and land management. Regardless of the outcome of the offer, Heartland intends to seek the delisting of FirstFarms' shares from trading and official listing on Nasdaq Copenhagen. FirstFarms reported Q3-2024 LTM revenues of DKK 537.5m and an EBITDA of DKK 108.3m. Kromann Reumert acted as legal advisor to Heartland in connection with the offer.
Transaction announcement
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