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AGT Food and Ingredients
AGT Food and Ingredients is a Canadian processor of pulses and other food ingredients. It is one of the largest pulse-processing companies in the world.[3] HistoryAGT was founded in 2001 as SaskCan Pulse Trading by Murad Al-Katib, the present CEO.[3] He received funding from the Arslan family of Turkey, owners of the Arbel group, a Turkish pulse-processing company.[3] Murad Al-Katib won the 2016 EY Entrepreneur of the year in Canada[4] and the 2017 EY World Entrepreneur Of The Year.[5] Murad Al-Katib was honored with the Lifetime Achievement Award of the University of Saskatchewan Alumni Association.[6] In 2007, the Agtech Income Fund acquired SaskCan, and then renamed itself Alliance Grain Traders.[7] As a result of this deal, Alliance Grain Traders was listed on Toronto Venture Exchange.[7] In 2009, Alliance Grain Traders converted from an income fund to a normal corporation. Also in 2009, Alliance Grain Traders bought the Arbel group for $104 million, including its pasta business.[7][8] In 2011, the company took over South Africa based Advance Seed.[9] Since 2012, it has shifted into the packaged foods business.[10] In particular, it has expanded production at its facility in Minot, North Dakota.[11] In 2014, the company was renamed AGT Food and Ingredients.[3] In 2015, AGT bought Big Sky Rail, a Saskatchewan short line railway, for $57.5 million.[12] In 2018, it was part of the consortium that purchased the Hudson Bay Railway.[13] On February 5, 2019, the company announced shareholder approval for a privatization deal led by its President and Chief Executive Officer, Murad Al-Katib, in consortium with Fairfax Financial and Point North Capital.[14] On April 17, 2019, the transaction to take the company private was closed.[15] BusinessAGT buys, processes, and distributes pulses, including lentils, peas, and beans, as well as grains and other agricultural commodities.[10] It also manufactures and distributes food ingredients and packaged foods. In 2016, pulses were responsible for 58% of sales, milled grains for 7%, and rices and other products for 35%.[2] As of 2016, 58% of revenue was from pulse and grain processing, 28% was from distribution, and the other 14% was from food ingredients and packaged foods.[2] It has facilities in Canada, the United States, Turkey, China, South Africa, and Australia. In 2016, 6% of sales were in Canada, 12% were in the rest of the Americas, 28% were in Asia-Pacific, and the other 54% were in Europe, the Middle East, and North Africa.[2] References
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