Equipment supplier Ag Growth International Inc., Winnipeg, said on Jan. 4 it has completed the acquisition of Eastern Fabricators, Georgetown, Prince Edward Island. Eastern specializes in the engineering, design, fabrication, and installation of high-quality stainless-steel equipment and systems for food processors. Eastern operates three facilities in Canada, with two in Prince Edward Island and one in Ontario.
Consideration for the transaction includes an upfront purchase price of C$29.25 million, payable upon closing, plus the potential for an additional C$15.75 million in earn-outs based on the achievement of financial targets in future years.
As of October 2021, on a trailing twelve-month basis, Eastern generated approximately C$26 million in revenue and $8 million in adjusted EBITDA.