AGP announces agreement to sell Masterfeeds business
OMAHA, Neb. (AGP) – Ag Processing Inc., announced Nov. 10 it has signed a definitive agreement to sell its interest in Masterfeeds Inc. to Alltech, a global animal nutrition and health company.
Alltech recently acquired Ridley Inc., which owns 30 percent of Masterfeeds LP, the operating subsidiary of Masterfeeds Inc.
In discussing the transaction, Keith Spackler, AGP’s chief executive officer, said, “Masterfeeds has been an important part of AGP since 1991 and is one of the most respected names in Canadian animal nutrition.
“Our belief is that Alltec acquisition of Masterfeeds creates an alliance that enhances the companies’ abilities to serve their customers.”
“This transaction is beneficial for the ongoing strategic and operational direction of AGP and furthers the company’s ability to invest in new value-added opportunities that benefit our member-owners.
The transaction, which is subject to regulatory approval and customary closing conditions, is projected to close prior to the year’s end.
“Masterfeeds has been a great business for AGP and we are proud of the work our team accomplished,” said Brad Davis, chairman of AGP’s Board of Directors. “We wish the company and its employees well and look forward to a positive transition to new ownership.”
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