GRAIN & PROTEIN TECHNOLOGIES TO ACQUIRE MUNTERS FOODTECH'S AGRIBUSINESS EQUIPMENT OPERATIONS

Investment will strengthen Grain & Protein Technologies' product offerings and capture attractive secular tailwinds in protein production

ASSUMPTION, Ill., Feb. 10, 2025 /PRNewswire/ -- Grain & Protein Technologies, a global designer, manufacturer, and marketer of equipment for grain storage and handling, seed processing, and protein production, today announced it has entered into an agreement to acquire the agribusiness equipment carve-out ("the Company" or "FoodTech Equipment") from Munters FoodTech, one of the three business areas of Munters AB. Based in Sweden, Munters is a global leader in climate control solutions for mission-critical processes in a wide range of industries. The transaction is expected to close in Q2 2025 and is subject to customary closing conditions.

With over 70 years of experience and sales across 86 countries, the Company specializes in critical air quality, movement, and temperature control solutions in the poultry and swine markets, including fans, ventilation systems, cooling systems, and heaters within livestock farming and greenhouse end-markets. These offerings complement Grain & Protein Technologies' solutions that are essential to agribusinesses looking to maximize the quality, yields, and value of their products.

Jacob Thomas, CEO of Grain & Protein Technologies, said, "We are pleased to welcome the Munters FoodTech Equipment team members as part of this acquisition to Grain & Protein Technologies to elevate our delivery of mission-critical food production and storage offerings. This investment in a heritage platform in the controlled environment agriculture sector offers us a great opportunity to strengthen our product offerings and create more value for our customers. Furthermore, it will diversify our business by strengthening our position in the Protein segment that is experiencing many secular tailwinds, including lower feed costs, population growth, and increasing incomes per capita."

Jacob Thomas added, "Peter Lindquist, CEO of the Company, has elected to step down from his operational role after closing. I am very thankful for his counsel throughout this process and his willingness to advise us post-transaction."

Peter Lindquist said, "After a strong year financially, I'm very pleased to hand over the Munters FoodTech Equipment team of 400 people to a strong owner with high ambitions of growing the business to the next level."

Sidley Austin LLP is acting as legal counsel and Santander US Capital Markets LLC is acting as financial advisor to Grain & Protein Technologies. Mannheimer Swartling is acting as legal advisor and Rabobank is acting as financial advisor to Munters.

About Grain & Protein Technologies

Grain & Protein Technologies is a leading global designer, manufacturer, and marketer of reliable, durable, and innovative equipment solutions for grain, seed, poultry, egg, and swine production. Generating approximately $1 billion in annual revenue, the Company serves farmers and agribusiness managers in over 100 countries and currently operates 14 manufacturing facilities across North America, Brazil, Europe, and Malaysia, employing more than 3,200 people.

The Company goes to market with its strong portfolio of industry leading brands – GSI, Cumberland, AP, Tecno and Cimbria. With its Company Purpose of "Feeding the World Better", Grain & Protein Technologies emphasizes advancing smart technologies and offering innovative technical solutions to make farmers and agribusiness managers more productive and profitable in a sustainable way.

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SOURCE Grain & Protein Technologies