Financial terms of the transaction were not disclosed, though media reports suggest the purchase price is approximately $14 million.
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| Josef Lutz |
“As part of the specialization strategy for our agri-trading division we are extending our functional activity with specialty products to diversify our overall portfolio”, said Klaus Josef Lutz, chief executive officer of BayWa AG. “Thegra Tracomex offers the opportunity to enhance the group’s existing product portfolio within Europe and with a global reach.”
Lutz indicated Thegra Tracomex’s services are complementary to BayWa’s trading activity with main crops such as wheat, soy and maize.
Jan Willem Baas, CEO of Thegra Tracomex Group, called the partnership “strategic,” and said it will give the companies access to “a large and professional network with additional market information and insights.”
“To become a member of the BayWa Group gives us the possibility for further growth and secure our future, this will for sure be beneficial for all our relations,” Baas said.
Meanwhile, Daan Vriens, CEO of Cefetra, said the acquisition underlines the ambition of Cefetra to further diversify its portfolio.
“This purchase will give us more insights and access into certain ‘niche’ and ‘organic’ markets and it also strengthens our market position as a full line supplier towards the feed, food and fuel industry,” Vriens said.
Earlier this year, BayWa took full ownership of Hamburg, Germany-based Evergrain. The move came on the heels of the company’s November 2015 acquisition of U.K. grain trader Wessex Grain Ltd., which markets feed grains, milling wheat and malting barley and offers grain cleaning, drying and storage services.
