• Rebranded Grain & Protein Technologies, the new standalone entity will be led by accomplished industrial manufacturing leader Jacob Thomas

NEW YORK and DULUTH, Ga., Nov. 1, 2024 /PRNewswire/ -- American Industrial Partners ("AIP"), an industrials investor, today announced the completion of its acquisition of AGCO Corporation's (NYSE: AGCO) Grain & Protein division, which produces grain storage and seed processing solutions as well as feeding, watering, climate management and control systems for worldwide protein production, principally poultry, swine, and egg. In conjunction with the transaction close, it was announced that the new standalone, privately held business will now operate under the name Grain & Protein Technologies ("the Company") with Jacob Thomas serving as CEO.

Serving customers in over 100 countries worldwide, Grain & Protein Technologies employs more than 3,200 people across its 14 manufacturing facilities in North America, Brazil, Europe, and Malaysia, generating an annual revenue of approximately $1 billion. The Company will continue to operate its strong portfolio of brands – GSI, Cumberland, AP, Tecno and Cimbria – which are industry leaders in equipment for grain, seed, poultry, egg, and swine production.

Jacob Thomas joins Grain & Protein Technologies from The Carlstar Group ("Carlstar"), the leading supplier of specialty tires and wheels, where he served as CEO and member of the company's board. During his tenure at Carlstar, a former AIP portfolio company, Thomas successfully led the organization's transformation and sale. Prior to Carlstar, Thomas served in executive leadership positions at Clarcor, IDEX Corporation and the Terex Corporation.

"I am delighted to be partnering with AIP again, and whole-heartedly believe in the potential for value creation of this great group of businesses that have an important purpose of Feeding the World Better," said Jacob Thomas, CEO of Grain & Protein Technologies. "I have been immersed across the enterprise over the last twelve weeks, and I am impressed with the level of talent and commitment. We will emphasize advancing smart technologies and offering innovative technical solutions to our customers to make them more productive and profitable in a sustainable way."

Eric Baroyan, Partner at AIP, added, "Grain & Protein Technologies is a critically important business to the future of the global food supply. With decades of industrial manufacturing expertise and a track record of success building large-scale, global operations, Jacob is the right leader for the Company to ensure it fully capitalizes on its unique market position as the go-to partner for large-scale agriculture worldwide."

Sidley Austin LLP served as legal counsel to AIP. Morgan Stanley & Co. LLC and Rabo Securities USA, Inc. served as financial advisors to AGCO. Santander US Capital Markets LLC served as financial advisor to AIP and its affiliate led the fully committed debt financing. Simpson Thacher & Bartlett LLP served as legal advisor to AGCO.

About American Industrial Partners

American Industrial Partners ("AIP") is an industrials investor, with approximately $16 billion in assets under management. AIP is distinctively focused on industrial businesses across a broad range of end markets that include: aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP looks to generate differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement comprehensive operating agendas to build long-term value. Current AIP portfolio companies generate aggregate annual revenues of approximately $25 billion and employ approximately 65,000 employees as of June 30, 2024. www.americanindustrial.com

About AGCO

AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers value to farmers and OEM customers through its differentiated brand portfolio including core brands like Fendt®, GSI®, Massey Ferguson®, PTx and Valtra®. AGCO's full line of equipment, smart farming solutions and services helps farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $14.4 billion in 2023. For more information, visit www.agcocorp.com. For company news, information, and events, please follow us on X: @AGCOCorp. For financial news on X, please follow the hashtag #AGCOIR. 

Contacts:

Media Inquiries: American Industrial Partners – This email address is being protected from spambots. You need JavaScript enabled to view it.

Media inquiries: AGCO – Rachel Potts, V.P., Chief Communications Officer; 678-654-7719; This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor inquiries: AGCO – Greg Peterson, V.P. Investor Relations; 770-232-8229; This email address is being protected from spambots. You need JavaScript enabled to view it.