Food infrastructure and food manufacturing firm Ag Growth International (AGI) announced the close of its purchase of food processing equipment company Eastern Fabricators Tuesday, including three production facilities in Canada.
Eastern engineers, designs, fabricates, and installs stainless steel equipment and systems for the food processing industry. The firm generated $26 million in revenue during a 12-month period ending in October 2021.
“AGI Food has grown rapidly over the past several years as we brought together an outstanding team that delivers a unique combination of design, supply and project management to food processors globally,” Tim Close, chief executive officer and president of AGI, said in a release. “Eastern builds on a solid foundation in our Food platform, bringing a very talented team along with market leading products, services, manufacturing capacity, and, most importantly, customer relationships built on years of high-quality execution.”
The transaction had an upfront purchase price of $29.25 million. AGI said it funded the transaction through its senior debt facilities.