Scoular completes purchase of Legumex specialty crop businessScoular completes purchase of Legumex specialty crop business
November 25, 2015
SCOULAR recently announced that 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 and pulses and associated healthy specialty food ingredients.
In September, Scoular entered into an agreement with LWI to acquire substantially all of the assets of the Special Crops Division for $94 million (Canadian) plus the amount of net working capital at closing. The transaction was finalized Nov. 24 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-plus employees of the former LWI Special Crops Division, including its management team, joined Scoular's ranks 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," Scoular chief executive officer Chuck Elsea said.
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