Baker Tilly Canada Capital provided vendor due diligence to assist in the sale of MobilGrain

Vancouver, BC – Baker Tilly Canada Capital is pleased to announce GCM Grosvenor has partnered with Bluejay Capital Partners to acquire AGT Foods and Ingredients Inc.’s (AGT) shortline rail and bulk handling infrastructure assets comprised of Mobil Grain Ltd. (MobilGrain) and its subsidiaries. Baker Tilly provided vendor due diligence to support the transaction.

“Completing this vendor due diligence engagement highlights our dedication to empowering sellers with clear and actionable insights,” says Cameron Atkinson, director of Transaction Services at Baker Tilly Canada Capital. “By delivering a thorough and transparent analysis, we ensured a smoother transaction process, maximizing shareholder value and building confidence for all stakeholders involved.”

Expected to close in early 2025, this transaction is subject to regulatory approvals and conventional closing conditions. The sale includes MobilGrain and its operating subsidiaries: Last Mountain Rail (with 140 kilometres running from the Regina Plains to Central Saskatchewan, including 160 kilometres of running rights on CN), Big Sky Rail (with 431 kilometres running from Central Saskatchewan through West Central Saskatchewan), MobilEx Terminal Ltd. (a port and loading facility for grain and potash located in Thunder Bay, Ontario) and Intermobil (a privately operated, state-of-the-art intermodal terminal located in Regina, SK, featuring CN service to the Atlantic, Pacific and Gulf Coasts and CN’s intermodal terminals). Bulk loading infrastructure includes 10 Saskatchewan facilities that receive grains, canola and pulses from farmers in the region.

“This sale returns significant capital to AGT, which presently generates over $3 billion in revenue annually,” explains Murad Al-Katib, president and CEO of AGT. “We will continue building on the strength of our partnership with Fairfax Financial Holdings Ltd. in creating a global agriculture growth story, including expanding our global packaged foods business. The long-term agreement with GCM Grosvenor and MobilGrain means AGT will remain a mainstay in the communities along the railway in which we operate today.”

Majority-owned by Fairfax Financial Holdings Ltd., AGT Foods is a Saskatchewan-based global leader in plant-based proteins and value-added processing of pulses, grains, staple foods and ingredients for export and domestic markets. AGT Foods was founded on the principle “from producer to the world,” buying pulses, grains, oilseeds and specialty crops from farmers around its facilities and offices in Canada, Türkiye, the U.S., Australia, South Africa, India, China and Europe, processing and exporting its pulses, milled durum wheat and canola products, pulse ingredient flours, starches, fibres, proteins and extruded products and retail packaged foods to customers in more than 120 countries around the world. AGT Foods operates a strong network of grain origination and processing facilities in the heart of Saskatchewan’s canola, pulses and wheat growing areas.