PointNorth Capital has acquired a 9.75 percent interest in AGT Food and Ingredients Inc (TSX: AGT), a Regina, Saskatchewan-based supplier of pulses, staple foods and food ingredients. The deal’s financial terms were not released. PointNorth joins Fairfax Financial Holdings, which earlier this week announced a $190 million investment in the company. PointNorth, a Canadian special situations investor, was launched last year by the principals of Oxford Park Group.
PointNorth Capital Announces a 9.75% Position in AGT Food and Ingredients Inc.
TORONTO, July 25, 2017 /CNW/ – PointNorth Capital Inc., together with certain affiliates and associates (collectively, “PointNorth”), announces today that it has acquired a 9.75% position in AGT Food and Ingredients Inc. (“AGT”) and looks forward to working closely with the CEO, Murad Al-Katib, and Chairman, Huseyin Arslan as well as AGT’s newest investor Fairfax Financial Holdings Limited (“Fairfax”).
PointNorth added, “We invested in AGT based on the compelling underlying fundamentals of the industry in which AGT operates and is extraordinarily well positioned in, and our confidence in the existing management team and its track record of generating average annual total returns of nearly 20% since 2007.”
“We are aligned with PointNorth regarding the common goal of generating shareholder value,” commented Murad Al-Katib. “We appreciate the vote of confidence we have received from both Fairfax and PointNorth and look forward to building on AGT’s strategy going forward.”
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Photo courtesy of Reuters/Akhtar Soomro