EP AGnFERT merges with Delta Agribusiness
We are very pleased to announce that EP AGnFERT (EP) at Kimba on the Eyre Peninsula in South Australia, have entered into an agreement to merge their business with Delta Agribusiness (Delta) effective March 1, 2023.
The addition of Troy and Kelly Maitland’s strong business into the broader Delta group continues our strategy to grow and diversify our business footprint and earnings diversity.
Kimba is a productive farming region on the Eyre Peninsula of South Australia. This development takes our business into another key production region and will deliver positive synergies to both businesses, including providing EP centralized back end and network services support, increased capital to grow the business, and access to the scale and benefits of Deltas overall procurement capacity, and for Delta increased market growth and diversity.
We have known Troy for many years, and both parties believe that we have a strong cultural alignment and are excited by our future together.
Importantly, Troy and Kelly Maitland through this transaction have retained a meaningful investmentin the overall Delta business by taking a strong equity position as a part of the transaction consideration. Consistent with our model, this ensures strong forward alignment, and we look forward to welcoming Troy and Kelly to our shareholder family.
Troy and his team willcontinue to fully manage EP on a business-as-usual basis, and the businesses will be incorporated into the Delta operating systems and procurement functions at the end of February 2023, ready for a March transition.
Gerard Hines, Managing Director of Delta Agribusiness commented, “We are delighted to welcome Troy and Kelly and their team to our business. They have built a substantial and successful business since inception with a strong and credible reputation in the market and are a natural fit for our culture and our strategy. We believe this also gives us a platform on the Eyre Peninsula for further growth opportunities.”
Troy Maitland also commented “We are proud of what we have achieved to build our business up to where it is today, but we are now at a stage where we can see we need additional resources and firepower to take the business to the next level. The market is consolidating, and merging with Delta, a business we know and trust, will provide us the support and collaboration to continue to execute on the opportunities ahead.” Troy also added “the ability to also roll a lot of our equity into Delta gives us an opportunity to continue to stay private, maintain ownership and “skin in the game”, bring stronger offerings to our clients, and share in the ongoing growth and value that the Delta group are creating”.
Upon completion, the combined agronomic experience of the two businesses willgreatly strengthen the overall value proposition to clients, as both businesses will bring new ideas and synergies to the table for the benefit of our customers. The combined group will have more than 70 agronomist/farm consultants, and an ongoing and substantial dedication to research and development trial work.
We look forward to warmly welcoming Troy and Kelly into our Delta family.