M&A Deal Summary

Nutrien Acquires Actagro

On February 5, 2019, Nutrien acquired chemicals company Actagro from Norwest Equity Partners, Apogem Capital and Norwest Mezzanine Partners for 340M USD

Acquisition Highlights
  • This is Nutrien’s 1st transaction in the Chemicals sector.
  • This is Nutrien’s largest (disclosed) transaction.
  • This is Nutrien’s 3rd transaction in the United States.
  • This is Nutrien’s 1st transaction in California.

M&A Deal Summary

Date 2019-02-05
Target Actagro
Sector Chemicals
Buyer(s) Nutrien
Sellers(s) Norwest Equity Partners
Apogem Capital
Norwest Mezzanine Partners
Deal Type Add-on Acquisition
Deal Value 340M USD

Target

Actagro

Biola, California, United States
website
Actagro LLC is a developer, manufacturer, and marketer of environmentally sustainable soil and plant health products and technologies. Actagro’s premier commercial portfolio includes approximately 30 specialty products that have a strong track-record of increasing crop productivity and financial returns for growers.

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Buyer(S) 1

Buyer

Nutrien

Saskatoon, Saskatchewan, Canada

website


Category Company
Founded 2017
Sector Chemicals
Employees24,700
Revenue 37.9B USD (2022)
DESCRIPTION

Nutrien is a provider of crop inputs and services. The company produce and distribute over 25 million tonnes of potash, nitrogen and phosphate products world-wide. Nutrien was formed in 2017 and is based in Saskatoon, Canada.


DEAL STATS #
Overall 6 of 11
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 4 of 9
State (California) 1 of 1
Country (United States) 3 of 5
Year (2019) 1 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-16 Agrible

Champaign, Illinois, United States

Agrible, Inc. is a digital agriculture company with an advanced platform and product offering that includes a broad set of agronomic and on-farm advisory tools, data science capabilities, predictive analytics and a global sustainability business that connects growers with leading agricultural, food and consumer products companies to measure, benchmark and empower sustainable crop production. Agrible was founded in 2014 and is based in Champaign, Illinois.

Buy $63M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-27 Ruralco Holdings

Cambridge, Australia

Ruralco Holdings Ltd. is one of Australia’s major agriservices businesses, with over 500 locations nationally and employing over 2,000 staff under a variety of brands. Ruralco services Australian farmers through the provision of an extensive range of ag supplies through both its owned stores and CRT, Australia’s largest independent retailing group, and provides agronomic advice and agency services that help maximize the returns of production. Ruralco is also a leading distributor of water products, a provider of water infrastructure services, and broker of water entitlements to the Australian agricultural sector.

Buy AU$469M

Seller(S) 3

SELLER

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 39 of 50
Sector (Chemicals) 2 of 2
Type (Add-on Acquisition) 15 of 19
State (California) 6 of 6
Country (United States) 38 of 49
Year (2019) 1 of 3
Size (of disclosed) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-12 Minnesota Rubber & Plastics

Minneapolis, Minnesota, United States

Minnesota Rubber & Plastics is a full-service provider of high-value rubber and plastic molded components and assembly solutions. MRP offers highly engineered elastomer and thermoplastic solutions for medical, water, industrial, and other end markets globally. Minnesota Rubber and Plastics was founded in 1945 and is based in Minneapolis, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-25 Arteriors

Lewisville, Texas, United States

Arteriors is a designer and supplier of decorative lighting fixtures, furniture, and accessories. Arteriors was founded in 1987 and is based in Lewisville, Texas.

Buy -
SELLER

Apogem Capital

Chicago, Illinois, United States

website


Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.


DEAL STATS #
Overall 34 of 49
Sector (Chemicals) 2 of 2
Type (Add-on Acquisition) 14 of 21
State (California) 1 of 1
Country (United States) 34 of 49
Year (2019) 2 of 5
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-01 United Pipe & Steel

Ipswich, Massachusetts, United States

United Pipe & Steel Corp. is an independent master distributor of steel, copper and plastic pipe as well as conduit used in water/wastewater, irrigation, plumbing, electrical and infrastructure construction applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-18 ENTRUST Solutions

Warrenville, Illinois, United States

ENTRUST Solutions is an outsourced provider of comprehensive design, engineering, and consulting services to utilities in the U.S. ENTRUST Solutions offers customers a full spectrum of services with expertise in gas and electric distribution, pipeline infrastructure, automation systems, and integrity management solutions. ENTRUST Solutions is based in Warrenville, Illinois.

Sell -
SELLER

Norwest Mezzanine Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Norwest Mezzanine Partners (NMP) is an independent investment firm focused on providing junior capital to support transactions initiated by private equity sponsors. NMP looks to commit up to $50 million per investment. Prospective transaction situations can include buyouts, acquisitions, leveraged buildups or consolidations, recapitalizations, and going privates. NMP will consider opportunities in a wide range of industries, including distribution, manufacturing, healthcare, and consumer products. Norwest Mezzanine Partners is affiliated with private equity firm Norwest Equity Partners. NMP was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 43 of 53
Sector (Chemicals) 3 of 3
Type (Add-on Acquisition) 19 of 26
State (California) 3 of 3
Country (United States) 41 of 51
Year (2019) 1 of 1
Size (of disclosed) 7 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-13 Pet Supplies Plus

Livonia, Michigan, United States

Pet Supplies Plus is a pet specialty retailer in the United States by total system sales, providing a wide variety of pet food, treats, hard goods and services for dogs, cats, and small animals. Pet Supplies Plus was founded in 1988 and is based in Livonia, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 United Poly Systems

Springfield, Missouri, United States

United Poly Systems is a manufacturer of made-to-order high-density polyethylene (“HDPE”) pipe for a variety of infrastructure applications. The company product offering is commonly used in the Telecommunications, Power Utility, Electrical, CATV, Sewer, Potable Water, and Oil/Gas collection industries. United Poly Systems was founded in 2011 and is based in Springfield, Missouri.

Buy -