Client: A Poortman
Counterparty: Alliance Grain Traders
Sector: It And Telecoms
Deal Type: Sale
Assay Corporate Finance advised the shareholders of A. Poortman (London) Ltd. (“Poortmans”), on its sale to Alliance Grain Traders of Canada (“AGTI”). Poortmans is an international importer, distributor and stockist of pulses, with offices in London, the Netherlands and Tianjin, China. The business includes a processing plant for dry edible beans and pulses, located in Tianjin, China, as well as trading and sales offices in Europe.
The initial consideration is £8.3 million, with a further uplift on audit of completion accounts. AGTI is committing a further CDN $2 million dollars for expansion.
Assay advised the joint 50:50 shareholders of Poortmans, Mr. Andrew Jacobs, the Managing Director and Trinidad Benham Corporation (“TBC”), a leading marketer of dry edible beans, rice and popcorn in the US.
Andrew Jacobs commented: “We are very pleased to be joining AGTI’s global team and to contribute to the growth of their bean, pulses and birdseeds platform. The strength of AGTI’s origination and global operations will greatly enhance Poortmans’ future growth and development as a multi-origin supplier of pulses and birdseed ingredients to the quality conscious markets of the world.”
Commenting on Assay’s role in the transaction, Mr. Jacobs went on to say: ”I am extremely grateful to [Assay] for the skill with which they handled the negotiations. The experience and expertise they brought to bear made a big difference and their advice was always sound and true. It was our lucky day when we chose [Assay] to act for us.”
On representing TBC as a US company in a transaction among several international parties, Linda Walmsley, President of TBC concluded: “[Assay] did an excellent job of working with us, understanding our priorities and keeping the focus on commercial issues in a way that accomplished a successful transaction for all parties.”