Richardson announces its subsidiary, Richardson Oilseed (US) Holdings Ltd., has entered into a purchase agreement to acquire Italgrani USA Inc., the single largest durum miller in North America.
Richardson has an established precedent of strategic expansion and investment and this latest announcement is an extension of a long-term vision to diversify processing operations.
Assets to be acquired by Richardson include a milling facility in St. Louis, MO, specializing in semolina and durum flour products, storage and crop inputs facilities situated at Tolley, Powers Lake, and Benedict in North Dakota, and a commodity trading office in Minneapolis, MN.
"This acquisition is fully aligned with our long-term strategic goals of diversification, geographic expansion, and an increased presence in food processing – having gone from canola to oats and now to durum processing," says Curt Vossen, president and CEO, Richardson International.
"The significant scale of processing capability of the Italgrani plant, combined with origination opportunities and crop inputs retail facilities, all included in this transaction, will further enhance the services we will be able to offer to our producer customers, both in Canada and the U.S."
The purchase agreement will close immediately following receipt of all requisite regulatory approvals. Richardson will own 100% of the shares of Italgrani USA. Following successful completion, Richardson will retain the current workforce and looks forward to welcoming these employees to the Richardson group of companies.
Rabobank is serving as financial advisor and Koley Jessen as legal counsel to Richardson International on the transaction. Rothschild & Co. is serving as financial advisor, Gattai, Minoli, Partners as legal counsel – together with Akerman for U.S. law aspects – and Marchese Zanardi & Partners as tax advisor to Italgrani and its shareholders.
About Richardson International
Richardson International Limited is Canada's largest agribusiness and is recognized as a global leader in agriculture and food processing. Based in Winnipeg, Manitoba, the company is a worldwide handler and merchandiser of all major Canadian-grown grains and oilseeds and a vertically-integrated processor and manufacturer of oats and canola-based products.
About Italgrani USA
Italgrani USA is the largest semolina and durum flour miller in North America, supported by award-winning grain elevator services in North Dakota and full-service grain merchandising in Minnesota.
