OVERLAND PARK, Kan.
July 31, 2013
/PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) and Lansing Trade Group, LLC announce today they have finalized the acquisition of Thompsons Limited, a grain and food-grade bean handler and agronomy input provider, headquartered in
, and operating through 12 locations across
The business, which Lansing Trade Group and The Andersons will equally own, will continue to operate as Thompsons Limited. Lansing Trade Group's existing merchandising operations in
will be consolidated into Thompsons Limited.
"Combining the strengths of Lansing Trade Group, Thompsons Limited and The Andersons will provide greater value to customers in
and provide even stronger support for the local communities in which Thompsons has operations while driving commensurate returns to shareholders," says CEO
. "The stellar reputation of Thompsons and its employees combined with the breadth of products and services the company provides to its grain, food-grade bean and agronomy customers will nicely complement our U.S.-based grain and nutrient businesses as well. We expect the transaction to be accretive to The Andersons in the full year 2014."
, CEO of Lansing Trade Group, says, "We remain optimistic about the merits of combining our
team with Thompsons. This will allow us to serve both the origin and destination customers in a more efficient manner as we move forward. Additionally, we are very pleased with the level of professionalism and enthusiasm exhibited by Thompsons employees during the closing process."
Established in 1924, Thompsons is an integrated supplier of value-added agricultural products and services to growers in
and to food processing customers worldwide. Thompsons owns and operates 12 elevators, 11 retail farm centers, 2 seed processing plants, 5 bean processing plants and a wheat processing plant. Thompsons has a combined owned and leased grain storage capacity of 20 million bushels and 30,000 metric tons of nutrient capacity.
During the transaction, BMO Capital Markets acted as financial advisor. Senior long and short-term financing was provided by a syndicate of banks led by Scotiabank.