COPENHAGEN: The Danish grain and seed firm Cimbria has been sold by the British equity fund Silverfleet Capital to AGCO, the US-based global leader in the design, production and distribution of agricultural machinery.
The deal, which is expected to be worth around 2.3 billion kroner, means that Cimbria will get its fourth owner in just ten years.
“Thanks to Silverfleet’s financial support and strategic insight, as well as to our world-class employees, Cimbria has undergone a rapid transformation over the past few years,” said Søren Overgaard, the CEO of Cimbria.
“We are well placed to continue growing our market share under our new owners, AGCO, as well as serving our customers.”
The transaction is subject to regulatory approval and is expected to close in the third quarter of 2016. AGCO has no plans to outsource jobs away from Denmark.
Silverfleet purchased Thisted-based Cimbria from the Danish equity firm Axcel for about 1 billion kroner in 2013.
Cimbria has experienced solid development in recent years, including landing a silo project in Egypt that fetched around 750 million kroner.
Cimbria was founded back in 1947 as a family-run business, but the company has been owned by equity firms since 2007.
