Scoular recently announced it is expanding its reach into new geographies and products with the completion of its acquisition of Legumex Walker Inc.'s (LWI) Special Crops Division, a global merchandiser and processor of special crops, pulses, and associated healthy, specialty food ingredients.
In September, Scoular entered into an agreement with LWI to acquire substantially all of the assets of LWI's Special Crops Division for CAD $94 million plus the amount of net working capital at closing. The transaction was finalized today after meeting all regulatory requirements. Scoular now owns the Legumex Walker name and its affiliated special crops business, while the seller of the business has changed its name to LWP Capital Inc.
The special crops business is engaged in primary and value-added processing of special crops at 14 operating facilities in Canada, the U.S., and China. It boasts a diverse product offering, ranging from various grades of pulses, including lentils, whole and split peas, edible beans, and chickpeas, to other special crops such as canaryseed, flaxseed, and sunflower seed. Nearly all 300+ employees of the former LWI special crops business, including its management team, joined Scoular's ranks effective today and will continue to operate the business at the existing locations.
"We've been looking to enter the special crops market for some time, and we're thrilled to finalize the purchase of a business that brings a wealth of special crops experience and expertise to our growing company," said Chuck Elsea, Scoular's chief executive officer. "We will invest additional resources to expand the business and pursue opportunities that result in more value for growers and a high-quality, reliable supply of specialty products for customers around the globe."