This press release contains forward-looking statements and information (collectively, "forward-looking information") within the meaning of applicable securities laws that reflect our expectations regarding the future growth, results of operations, performance, business prospects, and opportunities of the Company and Eastern. In addition, the financial information in this news release relating to Eastern’s revenue and adjusted EBITDA is derived from Eastern's financial statements, which are prepared in accordance with Canadian generally accepted accounting principles for private enterprises, which differ in some material respects from IFRS, and accordingly may not be comparable to the financial statements of AGI or other Canadian public companies.
AGI's method of calculating Eastern's adjusted EBITDA may differ from the methods used by other issuers. Investors are cautioned that adjusted EBITDA should not replace profit or loss as indicators of Eastern's performance, or cash flows from operating, investing, and financing activities as a measure of Eastern’s liquidity and cash flows.
We use non-IFRS financial measures such as adjusted EBITDA in addition to, and in conjunction with, results presented in accordance with IFRS (or the accounting principles used to prepare Eastern’s financial statements) as we believe they reflect an additional way of viewing aspects of a company’s operations that may provide a more complete understanding of factors and trends affecting the company’s business. Accordingly, it may not be possible to compare Eastern's adjusted EBITDA with adjusted EBITDA or other financial measures of other companies having the same or similar businesses including AGI. Adjusted EBITDA includes normalizations related to the Canada Emergency Wage Subsidy program, revenue recognition, and foreign exchange, among others.
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Adjusted EBITDA is a non-standardized financial measure that is not calculated or presented in accordance with International Financial Reporting Standards ("IFRS"). References to “adjusted EBITDA” are to the unaudited earnings of Eastern before income taxes, finance costs, depreciation, and amortization. AGI has manufacturing facilities in Canada, the United States, Brazil, India, France, and Italy and distributes its product globally.ĭirector, Investor See “Non-IFRS measures” The transaction will be funded primarily through AGI’s senior debt facilities.ĪGI is a provider of solutions for global food infrastructure including seed, fertilizer, grain, feed, and food processing systems.
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We welcome the entire Eastern team to the AGI family and look forward to accelerating the growth of Eastern and our overall Food platform.”Ĭonsideration for the transaction includes an upfront purchase price of $29.25M payable upon closing plus the potential for an additional $15.75M in earn-outs based on the achievement of financial targets in future years. This newly expanded team will drive strong revenue synergies as Eastern is integrated into the Food platform. “Eastern builds on a solid foundation in our Food platform, bringing a very talented team along with market leading products, services, manufacturing capacity and, most importantly, customer relationships built on years of high-quality execution. “AGI Food has grown rapidly over the past several years as we brought together an outstanding team that delivers a unique combination of design, supply, and project management to food processors globally,” noted Tim Close, President & CEO of AGI. As of October 2021, on a trailing twelve-months basis, Eastern generated approximately $26M in revenue and $8M in adjusted EBITDA 1. Eastern serves a range of customers across North America and has developed strong relationships with some of the world’s largest multinational food processors. Eastern operates three facilities in Canada with two in Prince Edward Island and one in Ontario. Eastern specializes in the engineering, design, fabrication, and installation of high-quality stainless-steel equipment and systems for food processors. (“AGI” or the “Company”) (TSX: AFN) is pleased to announce that it has completed the acquisition of Eastern Fabricators (“Eastern”).
Winnipeg, MB, Janu– Ag Growth International Inc.
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