The Capital Markets team at international law firm Gowling WLG is advising dairy technology company, National Milk Records, on its recommended cash acquisition by Associated British Foods for £48 million.

Chippenham-headquartered National Milk Records was formed in 1943 in response to a report published the previous year titled 'Proposals for extension and development of Milk Recording in England and Wales under the auspices of the Milk Marketing Board'.

It is listed on the Aquis Stock Exchange for smaller companies, providing milk recording and testing services, invoicing more than 3,000 farms every month. The company also offers milk payment testing services to the majority of the UK's milk processors and provides disease testing for individual animals and whole herd analysis through its laboratories.

The deal will give a boost to Associated British Foods' agriculture-food arm, AB Agri, which works with more than 2,000 UK dairy farms as part of its global operations. It supplies animal feed, supplements and specialist ingredients, as well as services and expertise to farmers, feed and food manufacturers and retailers.

The acquisition is being led by capital markets partner and co-chair of the firm's global tech Group, Davey Brennan, supported by partner Samantha Myers, principal associate Alex Davidson and the wider capital markets team.