Origin Enterprises, the Irish listed agri-services group, has completed the acquisition of a controlling interest in the Ukraine based Agroscope.

Origin has taken an initial 60 per cent stake in the company for $17.6 million (€12.7 million) based upon an enterprise value for Agroscope of $29.7 million (€21.2 million). It has an option to acquire full control of the business, based on future profitability, and is funding the initial stake from bank facilities.

Based in Ukraine and founded in 2002, Agroscope, employs 150 people and is a provider of agronomy services, high specification inputs, and advisory support to arable and root crop growers.

The existing management team, led by Iryna Ivanova, Agroscope founder and chief executive, is to remain with the business.

Agroscope is forecast to report revenues of $107.51 million and earnings before interest and tax of $7.19 million, for year-end December 2013.