AGI Acquires New Companies
Adds CMC Industrial Electronics and Junge Control Inc.
Ag Growth International Inc. (“AGI” or the “Company”) (TSX: AFN) announced today that it recently acquired CMC Industrial Electronics (“CMC”) and Junge Control Inc. (“JCI”). Combined sales and adjusted EBITDA for the two entities in their most recently completed fiscal years were approximately $15 million and $4 million, respectively.
CMC is a leading supplier of hazard monitoring sensors and systems used in agricultural material handling applications. CMC also manufactures commercial bin monitoring sensors and systems. Founded in 1997, CMC has locations in Burnaby, BC, and Minneapolis, MN. CMC has strong relationships with domestic and multinational customers and provides AGI with new products to better serve its customers in an environment of increasingly stringent safety standards.
JCI is a leading manufacturer of automation, measurement and blending systems for the agriculture and fuel industries. Founded in 1979, JCI is based in Cedar Rapids, Iowa. JCI’s precision blending and measurement systems, focused primarily on liquid fertilizer blending, are highly complementary to AGI’s fertilizer product offering and further broadens AGI’s fertilizer platform.
The acquisitions of CMC and JCI add significant strength to our applied technology platform, and continue to evolve our product and solution portfolio enabling us to serve current and future customers with broader solutions. AGI is proud to welcome the teams from CMC and JCI to the AGI family.