Regina pulse crop processing and export firm Alliance Grain Traders has signed cash deals to buy all assets of specialty crop export firm Finora.
Finora, headquartered in Surrey, B.C., is a subsidiary of Noble Group, a Hong Kong commodity supplier. Its assets for sale in this deal include four crop processing plants: two at Wilkie, Sask., one at Assiniboia, Sask. and one at Gibbons, Alta.
AGT gets the facilities, about 20,000 tonnes’ capacity of bulk storage and “certain land and equipment” for a total purchase price of US$8.9 million, the buyer said in a release Tuesday. The plants’ staff and management are to remain with AGT after the sale.
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The deal is expected to close on or around Dec. 31.
“Finora has great assets that complement our current processing locations and drawing areas,” AGT CEO Murad Al-Katib said in the company’s release. “It immediately provides advantages to our bulk shipping program through the ability to capitalize on excellent rail service with CPR at Wilkie and Assiniboia and CN at Gibbons, Alta.”
Access to container shipping out of Edmonton, about 30 km south of Gibbons, “adds another logistical advantage,” Al-Katib said.
“The assets add capacity to react to the growing volumes of our core crops — lentils, peas, chickpeas and canary seeds, available to our western Canadian business.”
Finora, on its website, said its exports from Canada include dry peas, lentils, mustard seed, canola, dry beans, and canaryseed, shipped in quantities ranging from containers to full vessel cargoes.
Noble Group’s broader operations, meanwhile, include handling, shipping and processing of commodities such as grains, soybeans, cotton, cocoa, coffee, iron ore and coal.
AGT’s Al-Katib described the Finora deal as “another strategic ‘tuck-in’ acquisition for us that immediately expands our operations and delivers value and growth opportunities for our shareholders, producers and customers.”
