Agriculture Acquisitions in 2022

Toronto-based private equity firm Lynx Equity Limited has acquired Majland Stauder, a B2B plant nursery in Sønder Omme, Denmark. The sellers — Leif Rahbek, Erik Lauridsen and Torben Kristensen — will remain involved in operations, with Erik appointed CEO as Lynx looks to support the company's continued growth and longevity.

Ft. Lauderdale-based Plant Agricultural Systems has acquired Rochelle, Illinois-based glasshouse tomato grower MightyVine. Plant will integrate MightyVine's 30-acre hydroponic facility into its Active Production Site (APS) program to expand its controlled-environment agriculture footprint and digital/physical infrastructure in the U.S. Midwest.

Ecovative acquired Lambert Spawn Europa B.V., a mushroom spawn and substrate production facility in Venlo, Netherlands, from a subsidiary of Pennsylvania-based Lambert Spawn Company. The acquisition vertically integrates a major source of feedstock for Ecovative's mycelium materials and supports the company's international expansion and capacity to supply customers and licensees.

AdeptAg, a North American controlled-environment agriculture (CEA) platform based in Oberlin, Ohio, acquired Plantech Control Systems and its associated businesses Plantech West and JM Controls and Electric. The deal adds electrical automation, controls and packing/sorting capabilities to AdeptAg’s platform and is intended to expand local service offerings and geographic reach for growers in the Leamington–Vineland–Chatham region of Ontario, Canada.

ADAMA Ltd. has acquired AgriNova New Zealand Ltd., trading as Grochem, a Wellington-based developer and manufacturer of crop protection products, plant growth regulators and biosolutions. The deal strengthens ADAMA's presence in New Zealand and expands its product capability into biologicals, plant nutrition and PGRs.

Corteva, Inc. signed a definitive agreement to acquire Houston-based Stoller Group, a leading independent biologicals and plant-health company with operations in more than 60 countries and forecasted 2022 revenues of over $400 million. Corteva will pay $1.2 billion in cash (≈12x expected 2022 EBITDA); the deal is expected to close in the first half of 2023 and is intended to accelerate and expand Corteva’s Biologicals capabilities and commercial reach.

Grupo Fertiberia, a Triton-backed leader in EU crop nutrition, has agreed to acquire Van de Reijt, a long-established fertilizer wholesaler with waterfront bulk terminals in the Netherlands and Belgium. The acquisition strengthens Fertiberia’s distribution and logistics footprint in the Benelux to support sales of its low‑carbon and sustainable crop nutrition solutions; the deal was expected to close in Q1 2023 subject to customary approvals.

Ever.Ag, an AgTech provider based in Frisco, Texas, has acquired Dalex, a longtime provider of animal feed ration formulation software, to expand its on-farm nutrition and feed-cost management capabilities. Dalex's nutrition technology and team will be integrated into Ever.Ag's growing suite of solutions to provide end-to-end visibility and tools for livestock and dairy producers.

Profile Products LLC, a U.S.-based manufacturer of specialty agriscience materials, has acquired Quick Plug, a bonded growing-media manufacturer, from Dutch floriculture company Dümmen Orange. The deal includes Quick Plug’s products, technologies, employees and manufacturing facilities in the Netherlands, Canada and Oregon, expanding Profile’s propagation and controlled-environment agriculture capabilities and global footprint.

Deveron Corp. (TSXV: FARM) has acquired all assets of Frontier Labs Inc., a soil laboratory and agronomy services provider serving Iowa and Minnesota. The asset purchase included an initial US$825,000 cash payment, milestone cash/share payments and issued common shares as part of consideration, expanding Deveron’s lab and agronomy capabilities in the U.S. Midwest.

AdeptAg, the North American controlled-environment agriculture platform, has acquired Bellpark Horticulture, a Surrey, British Columbia-based horticulture automation specialist. The deal expands AdeptAg's product offerings, sales and service capabilities in automated horticulture and controlled-environment production solutions.

Benford Capital Partners has acquired Animix, LLC, a Juneau, Wisconsin–based supplier of water-dispersible premixes, supplements and ingredients for the calf milk replacer and animal feed markets. The company was sold by retiring owner Janusz Sowinski; Animix management (President Ronelle Blome and Dave Wood) invested alongside Benford and will continue to lead the business as Benford pursues organic growth and add-on acquisitions.

Safex Chemicals India Limited has acquired Briar Chemicals Limited, a leading UK agrochemical CDMO based in Norwich, from AURELIUS Equity Opportunities. The transaction, signed and closed on October 10, 2022, is valued at approximately EUR 83 million; Briar operates a large 115-acre manufacturing site with around 250 employees.

Viterra Limited has closed its purchase of the grain and ingredients business of Gavilon Agriculture Investment, Inc. from Marubeni America Corporation for US$1.125 billion plus working capital and customary adjustments. The acquisition adds Gavilon's origination, storage and distribution footprint across major U.S. growing regions to Viterra's global agriculture network and will be integrated under the Viterra brand.

Mount Adams Fruit has acquired the pear operations of Stadelman Fruit Company, including orchard, packing, and storage assets in Oregon's Hood River Valley. The acquisition expands Mount Adams Fruit's pear footprint, improves harvest management and operational efficiencies, and brings the assets closer to growers.

Corteva, Inc. has signed a definitive agreement to acquire Symborg, a Murcia, Spain–based developer and manufacturer of biostimulants, biofertilizers and biocontrols. The acquisition is intended to accelerate Corteva's strategy to build a leading biologicals portfolio and scale Symborg's existing solutions and pipeline globally; financial terms were not disclosed.

Halo Collective Inc. completed the acquisition of substantial assets of three Pistil Point operating entities (Decatur One LLC, Bradford Two LLC and Bradford Three LLC) through its subsidiary ANM Inc., securing indoor and outdoor cultivation, manufacturing and distribution capabilities in Portland, Oregon. The deal was paid principally in Halo common shares (US$4.0 million consideration issued as 47,224 shares) and strengthens Halo's vertically integrated operations and distribution reach across Oregon.

Merck Animal Health agreed to acquire Vence, a developer of virtual fencing and livestock management technology, from Vence's founders and shareholders. The acquisition (terms undisclosed) expands Merck Animal Health's animal intelligence and precision livestock management capabilities and was expected to close in the third quarter of 2022.

Paine Schwartz Partners completed a strategic investment through its Food Chain Fund VI in HGS BioScience (formerly Humic Growth Solutions), a Jacksonville-based manufacturer of extracted humic and fulvic acid products. The investment (terms undisclosed) will support the company's growth, product innovation and operational scaling across its six North American manufacturing sites and global distribution footprint.

DECCO, the post-harvest business of UPL Ltd., has acquired the business of TeleSense, a provider of remote monitoring sensors and an AI platform for stored grain and other crops. The acquisition integrates TeleSense’s sensor and AI capabilities into DECCO’s post‑harvest product portfolio and UPL’s OpenAg network to reduce food waste and strengthen supply‑chain monitoring.

SiteOne Landscape Supply (NYSE: SITE) completed the acquisition of Kaknes Landscape Supply, a wholesale distributor of nursery products operating a single location in Naperville, Illinois. The purchase expands SiteOne’s nursery presence in the Chicago market and marks the company’s 13th acquisition in 2022.

Edible Garden, Inc. (via its holding company 2900 Madison Ave Holdings, LLC) acquired Greenleaf Growers, Inc., a greenhouse and wholesale commercial grower in Grand Rapids, Michigan; the transaction closed on September 2, 2022. Edible Garden will operate the site as "Edible Garden Heartland," integrate its proprietary GreenThumb technology, retain substantially all staff and expand regional production to better serve Midwest retail customers.

Aurora Cannabis acquired a 50.1% controlling stake in Bevo Agtech Inc., the parent of Bevo Farms Ltd., and will consolidate Bevo's operations. The deal (approx. $45M cash on closing plus contingent payments) gives Aurora access to Bevo's plant propagation expertise, while Bevo will acquire Aurora's Aurora Sky facility in Edmonton to expand production and geographic reach.

Hextar Industries Bhd (HIB) entered into a conditional share sale agreement to acquire the entire equity interest in Hextar Fertilizers Ltd (HFL) from Hextar Holdings Sdn Bhd (HHSB) for RM480 million, to be satisfied by the issuance of 1.6 billion new HIB ordinary shares at RM0.30 each. The deal will increase HIB's production capacity from 75,000 tpa to an aggregate 679,000 tpa and broaden HIB's distribution network across Malaysia; HHSB has provided a two‑year cumulative profit guarantee and the share issuance will trigger mandatory general offer obligations.

Benford Capital Partners portfolio company Nutrition Service Company (NSC) completed two add-on acquisitions: Echo Ridge Ag Services, LLC and Kress Farm Supply, Inc. (d/b/a Sherwood Elevator). The transactions expand NSC's dairy nutrition capabilities, customer base across Wisconsin, and feed production and grain storage capacity while providing an exit path for the Kress family.

Titan Machinery (NASDAQ: TITN) has acquired Heartland AG Systems, Inc., the largest CASE IH application equipment distributorship in North America and a leading distributor of sprayer parts and accessories. D.A. Davidson served as exclusive financial advisor to Heartland; the sellers were Heartland's ownership group (including Bob Caldwell, Gordon Glade and Jeff Keller). The acquisition expands Titan's parts, service and distribution footprint across the Midwest and western U.S.

Legacy Agripartners has acquired Northern Agri Brands, LLC, including the TriCal Superior Forage brand, expanding its seed portfolio and breeding capabilities. The deal brings TriCal’s triticale breeding program and research footprint — including a significant operation in Vernon, Texas and thousands of test plots across North America — into Legacy’s network to better serve dairy and beef producers.

Albert Lea Seed House, a family-owned seed supplier based in Albert Lea, Minnesota, has acquired Blue River Organic Seed, the long-established organic seed corn brand headquartered in Ames, Iowa, from Farmers Business Network. The acquisition expands Albert Lea Seed's organic product line, adds Blue River's climate-controlled warehouse and strengthens its ability to serve organic farmers across the U.S.

Bioceres Crop Solutions Corp. completed an all-stock merger with Marrone Bio Innovations, Inc., with MBI becoming ProFarm as a wholly owned subsidiary of Bioceres. The deal brings MBI’s portfolio of biological crop protection, crop-health and nutrition products and pipeline to Bioceres, expanding its sustainable agricultural solutions and global footprint. MBI stockholders approved the merger and certain corporate functions and headquarters consolidation will be assumed by Bioceres.

Fairbank Equipment, a portfolio company of Pfingsten, has acquired G&R Ag Products, a specialty distributor of agricultural parts and propane equipment headquartered in Caldwell, Idaho. The add-on deal, which closed June 30, 2022, expands Fairbank's distribution footprint into the Pacific Northwest and provides new markets for its propane product lines; G&R's president Curt Ruehl will remain with the business and become a shareholder in Fairbank.

Grupo Fertiberia, a Triton Partners-backed leader in EU crop nutrition, has acquired Seville-based biotechnology company Trichodex to expand its biofertilisers, biostimulants and microorganism-based biocontrol capabilities. The deal strengthens Grupo Fertiberia's R&D and manufacturing footprint in sustainable crop nutrition and advances its Net Zero and product-decarbonisation strategy.

Ecological Laboratories, Inc. (Cape Coral, Florida) has acquired TOMCO Chemical, a provider of bacterial products for hog farm waste management including the Pit-Perfect product in the In-Gest-O-Bac series. The acquisition is intended to expand Ecological's reach into the hog farming market and broaden its microbial waste-management product offering and support capabilities.

FMC Corporation will acquire Danish pheromone producer BioPhero ApS from Novo Holdings for approximately USD 200 million. The deal expands FMC’s biologicals platform by adding BioPhero’s cost-efficient biotechnology process for pheromone production; BioPhero will remain headquartered in Copenhagen and the transaction was expected to close by end of Q3 2022.

Wilbur-Ellis Nutrition has entered into a definitive agreement to acquire F.L. Emmert, a 140-year-old family-owned manufacturer of animal nutritional solutions based in Cincinnati, Ohio. The deal (subject to customary closing conditions) adds Emmert's R&D capabilities and product portfolio in pet, livestock and aquaculture markets to Wilbur-Ellis' Nutrition division and expands its pet food ingredient offering.

Instar Asset Management Inc. has acquired a majority stake in Greenwood Mushrooms Development Corp. from Novacap. Instar will partner with Greenwood’s management to support further expansion of its facilities and increased production capacity to meet growing customer demand.

Ever.Ag has acquired Cainthus, a Dublin-based computer-vision agtech company that provides AI-enabled cameras and analytics for dairy operations. The acquisition will integrate Cainthus’s passive visual data into Ever.Ag’s My Dairy Dashboard and broader agtech suite to deliver enhanced herd health, feed consumption, and sustainability insights to dairy producers and their supply-chain partners.

Midwest Growth Partners (MGP) has made a growth capital investment in Canoyer Garden Center to support Canoyer’s acquisition of Stewart's Greenhouse. The capital will enable Canoyer, led by Kyle Canoyer, to vertically integrate its operations and expand its greenhouse growing and retail footprint.

Everde Growers, a privately owned grower headquartered in Houston, announced the acquisition of La Verne Nursery, Inc., a 100-acre nursery in Piru, California, expected to close by July 1, 2022. The deal expands Everde's edible plant offering (stone fruit, citrus and tropical fruit), adds La Verne's propagation and grafting expertise to Everde's platform, and integrates the location with Everde's other farm sites.

Citri&Co, a Miura Partners portfolio company, has signed an agreement to acquire the fresh fruit business of Grupo San Miguel, including its Peruvian and South African subsidiaries and exclusive commercialization in Argentina and Uruguay. The deal expands Citri&Co’s southern-hemisphere footprint, provides complementary seasonality for year‑round supply, and broadens its product mix with high value-added fruits while Grupo San Miguel focuses on natural ingredients and optimizing its capital structure.

Ever.Ag has acquired Agrestic Research, bringing the company's crop-insurance seasonal analysis and livestock risk-management tools in-house. Agrestic Research owner Stephen Hardison will join Ever.Ag as Director of Livestock to support and grow Ever.Ag’s livestock risk management capabilities.

EverAg, an agtech provider based in Frisco, Texas, has acquired Partners for Production Agriculture (PFPAg), a provider of livestock risk management, market intelligence and commodity marketing services for swine and cattle producers. The acquisition expands EverAg's livestock risk-management capabilities and will integrate PFPAg services with EverAg's Vault software and broader grain/feed expertise to better serve producers and commercial agribusiness customers.

SiteOne Landscape Supply (NYSE: SITE) completed the acquisition of Preferred Seed, a single-location wholesale distributor of seed and agronomics products serving the Buffalo, Rochester and Erie markets. The deal expands SiteOne's footprint in upstate New York and adds local seed and agronomics capabilities to its landscape supply distribution network.

Irish-owned packaging group Zeus has acquired Canadian agricultural supply distributor Agri-Flex as part of its €35 million investment strategy. The deal adds roughly $14 million of annual sales and 13 staff to Zeus, strengthening the company's presence in the North American agricultural packaging market.

Darling Ingredients (NYSE: DAR) completed the acquisition of Valley Proteins for approximately $1.1 billion, adding 18 rendering plants and used cooking oil facilities across the southern, southeast and mid-Atlantic U.S. The deal expands Darling’s rendering and low‑carbon feedstock capabilities to support renewable diesel and animal-ingredient production.

Deveron Corp. has agreed to acquire a 67% equity interest in A&L Canada Laboratories East, Inc. for $50.3 million (cash and shares), with an option to acquire the remaining 33% after three years. The acquisition expands Deveron's lab capacity and agronomy capabilities, creating a vertically integrated agriculture data company headquartered in Canada and increasing pro forma revenue to $35.3 million.

Grown Rogue International Inc. completed the acquisition of a state-of-the-art 30,000 sq ft indoor cultivation facility in Medford, Oregon from HSCP, LLC (a subsidiary of Acreage Holdings Inc.) on April 14, 2022 for total consideration of $2.0 million. The asset is currently producing approximately 800 lbs/month and expands Grown Rogue's total indoor capacity to 127,000 sq ft, supporting the company’s production and margin targets.

Gensource Potash Corporation has entered a binding agreement to acquire 100% of Innovare Technologies Ltd. by reorganizing Innovare’s shareholders into new common shares of Gensource, making Innovare a wholly-owned subsidiary and giving Gensource exclusive control of Innovare’s selective solution mining and brine processing technology. The deal values Innovare at approximately US$11.5 million (reflecting existing licensing agreements) and remains subject to TSX Venture Exchange approval, with closing anticipated in Q2 2022.

Charlotte-based private equity firm Falfurrias Capital Partners has made an investment in CIH, a Chicago-based, technology-enabled provider of agricultural commodity price risk management and education; terms were not disclosed. CIH's existing management team will remain in place and Falfurrias will support expansion of CIH's technology platform and join the company's board to help drive growth.

Orchard & Vineyard Supply (OVS), a portfolio company of Clearview Capital Fund III, acquired Clearwater Irrigation Supply, a Salem, Oregon-based agricultural irrigation solutions provider, in early March 2022. Clearwater founder Andrey Kaya will continue to lead the business as it is integrated into OVS to expand the platform's irrigation and water-management capabilities across the Pacific Northwest.

Alta Arbor Holdings, a Dallas-based horticulture-focused investment holding company, has acquired Joss Growers, a wholesale grower serving professional landscapers and distributors across Texas. Joss Growers will continue to operate independently under its existing leadership while Alta Arbor supports growth and strengthens its horticulture platform in key Texas markets.