AGI Announces Strategic Food Platform Acquisition

About this update from Ag Growth International Inc.

[{"type":"text","content":"\n \n \n \n AGI Announces Strategic Food Platform Acquisition\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt initial; BORDER-RIGHT:black 0pt initial; BORDER-BOTTOM:black 0pt initial; BORDER-LEFT:black 0pt initial\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Jan. 4, 2022\n \n /CNW/ - Ag Growth International Inc. (\"AGI\" or the \"Company\") (TSX: AFN) is pleased to announce that it has completed the acquisition of Eastern Fabricators (\"Eastern\"). Eastern specializes in the engineering, design, fabrication, and installation of high-quality stainless-steel equipment and systems for food processors. Eastern operates three facilities in\n \n Canada\n \n with two in\n \n Prince Edward Island\n \n and one in\n \n Ontario\n \n . Eastern serves a range of customers across\n \n North America\n \n and has developed strong relationships with some of the world's largest multinational food processors. As of\n \n October 2021\n \n , on a trailing twelve-months basis, Eastern generated approximately\n \n $26M\n \n in revenue and\n \n $8M\n \n in adjusted EBITDA\n \n 1\n \n .\n \n \n \"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,\" noted\n \n Tim Close\n \n , President & CEO of AGI. \"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. This newly expanded team will drive strong revenue synergies as Eastern is integrated into the Food platform. We welcome the enti...

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