Rebranded Grain & Protein Technologies,
the new standalone entity will be led by accomplished industrial
manufacturing leader Jacob
Thomas
NEW
YORK and DULUTH,
Ga., Nov. 1, 2024 /PRNewswire/ -- American
Industrial Partners ("AIP"), an industrials investor, today
announced the completion of its acquisition of AGCO Corporation's
(NYSE: AGCO) Grain & Protein division, which produces grain
storage and seed processing solutions as well as feeding, watering,
climate management and control systems for worldwide protein
production, principally poultry, swine, and egg. In conjunction
with the transaction close, it was announced that the new
standalone, privately held business will now operate under the name
Grain & Protein Technologies ("the Company") with Jacob Thomas serving as CEO.
Serving customers in over 100 countries worldwide, Grain &
Protein Technologies employs more than 3,200 people across its 14
manufacturing facilities in North
America, Brazil,
Europe, and Malaysia, generating an annual revenue of
approximately $1 billion. The Company
will continue to operate its strong portfolio of brands – GSI,
Cumberland, AP, Tecno and Cimbria – which are industry leaders in
equipment for grain, seed, poultry, egg, and swine production.
Jacob Thomas joins Grain &
Protein Technologies from The Carlstar Group ("Carlstar"), the
leading supplier of specialty tires and wheels, where he served as
CEO and member of the company's board. During his tenure at
Carlstar, a former AIP portfolio company, Thomas successfully led
the organization's transformation and sale. Prior to Carlstar,
Thomas served in executive leadership positions at Clarcor, IDEX
Corporation and the Terex Corporation.
"I am delighted to be partnering with AIP again, and
whole-heartedly believe in the potential for value creation of this
great group of businesses that have an important purpose of Feeding
the World Better," said Jacob
Thomas, CEO of Grain & Protein Technologies. "I have
been immersed across the enterprise over the last twelve weeks, and
I am impressed with the level of talent and commitment. We will
emphasize advancing smart technologies and offering innovative
technical solutions to our customers to make them more productive
and profitable in a sustainable way."
Eric Baroyan, Partner at AIP,
added, "Grain & Protein Technologies is a critically important
business to the future of the global food supply. With decades of
industrial manufacturing expertise and a track record of success
building large-scale, global operations, Jacob is the right leader
for the Company to ensure it fully capitalizes on its unique market
position as the go-to partner for large-scale agriculture
worldwide."
Sidley Austin LLP served as legal counsel to AIP. Morgan Stanley
& Co. LLC and Rabo Securities USA, Inc. served as financial advisors to
AGCO. Santander US Capital Markets LLC served as financial advisor
to AIP and its affiliate led the fully committed debt financing.
Simpson Thacher & Bartlett LLP served as legal advisor to
AGCO.
About American Industrial Partners
American Industrial Partners ("AIP") is an industrials investor,
with approximately $16 billion in
assets under management. AIP is distinctively focused on industrial
businesses across a broad range of end markets that include:
aerospace and defense, automotive, building products, capital
goods, chemicals, industrial services, industrial technology,
logistics, metals & mining, and transportation, among others.
AIP looks to generate differentiated returns by investing in
quality industrial businesses with strong management teams and
working with those teams to implement comprehensive operating
agendas to build long-term value. Current AIP portfolio companies
generate aggregate annual revenues of approximately $25 billion and employ approximately 65,000
employees as of June 30, 2024.
www.americanindustrial.com
About AGCO
AGCO (NYSE: AGCO) is a global leader in the design, manufacture
and distribution of agricultural machinery and precision ag
technology. AGCO delivers value to farmers and OEM customers
through its differentiated brand portfolio including core brands
like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO's full
line of equipment, smart farming solutions and services helps
farmers sustainably feed our world. Founded in 1990 and
headquartered in Duluth, Georgia,
USA, AGCO had net sales of approximately $14.4 billion in
2023. For more information, visit www.agcocorp.com. For company
news, information, and events, please follow us on X: @AGCOCorp.
For financial news on X, please follow the hashtag
#AGCOIR.
Contacts:
Media Inquiries: American Industrial Partners –
pro-AIP@prosek.com
Media inquiries: AGCO – Rachel
Potts, V.P., Chief Communications Officer; 678-654-7719;
Rachel.Potts@AGCOcorp.com
Investor inquiries: AGCO – Greg
Peterson, V.P. Investor Relations; 770-232-8229;
greg.peterson@AGCOcorp.com
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SOURCE American Industrial Partners