Legumex Walker opens door to acquisiton
The company's board of directors has initiated a process to identify strategic and financial alternatives
WINNIPEG—Food products and feed maker Legumex Walker Inc. is on the hunt for buyer.
The company, which has 15 processing facilities strategically located in key growing regions in the Canadian Prairie Provinces, the American Midwest and China, has announced that its board of directors has initiated a process to identify and consider strategic and financial alternatives.
According to a March 16 press release, these alternatives may include strategic financing, a merger or other business combination, sale of the company or a portion of its business or assets, as well as the continued execution of its business plan.
“Our platform is truly unique, with significant strategic value, and we believe there are potential opportunities to crystallize significant value for shareholders,” said Bruce Scherr, Legumex Walker’s chairman of the Board. “We have received inquiries from a number of qualified parties that are interested in exploring various transactions with us in certain of our markets, including the specialty food ingredient market, and we expect that this process will unlock this value and allow the company to fully capitalize on these opportunities,”
The press release stresses that although the company has initiated a strategic review process, there is no certainty that any transaction or alternative will be undertaken, nor has it set a definitive schedule to complete its strategic review.
The company also announced the resignation of Martin Thrasher and Robert Beutel from its Board of Directors.
Legumex Walker manufactures and sells food and feed ingredients composed and derived from special crops (sunflower seeds and kernels, flax and canary seed), pulses (split and whole lentils and peas, beans and chickpeas) and expeller-press canola products.