AGI’s $109.5 Million Acquisition of Milltec Machinery


Khaitan & Co acted as Counsel to Multiples Private Equity Fund on the sale

Ag Growth International Inc (TSX: AFN) (AGI) has completed its acquisition of Milltec Machinery Ltd, a Bangalore, India-based maker of rice milling and processing equipment, from Multiples Alternative Asset Management.

The purchase price was $109.5 million, with the potential for up to an additional $38.4 million based on the achievement of Ebitda targets.

AGI, a Winnipeg-based provider of equipment solutions for agriculture bulk commodities, said the deal enables its entry into the rice equipment industry and establishes its platform in India.

Indian private equity firm Multiples Alternative Asset Management acquired a minority stake in Milltec in 2014.

Khaitan & Co advised Multiples with a team including Vineet Shingal (Picture), Kaushalya Shetty, Shailesh Singh (M&A) and Bijal Ajinkya (Tax).

Involved fees earner: Bijal Ajinkya – Khaitan & Co.; Vineet Shingal – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Multiples Alternative Asset Management ;

Author: Michael Patrini