Ag Growth Income Fund, a Canadian-based manufacturer of agricultural equipment, recently finalized the purchase of Applegate Steel Inc. for $3 million. Applegate has a stock tank manufacturing facility on North Highway 4 in Jefferson.
Paul Franzmann, vice president of corporate development for Ag Growth, told The Star Press of Muncie, IN, that the Jefferson employees will remain on the job. Ag Growth will open a manufacturing facility in Union City, IN, and will move the Applegate operation now at Saratoga, IN (about six miles northwest of Union City), to the Union City facility. All 68 full-time employees from Saratoga will also retain their jobs, Franzmann said.
Ag Growth manufactures portable grain handling and conditioning equipment, including augers, belt conveyors, grain handling accessories and grain aeration equipment. The company’s North American sales, marketing and distribution system includes approximately 1,400 dealers and distributors in 48 states and nine Canadian provinces.
Ag Growth was established in 1996 and launched an initial public offering in May 2004. The company has pursued a strategy of organic growth complemented by strategic acquisitions to become a supplier of high quality grain handling equipment and related products for both dealers and farmers.
Acquisitions in support of that strategy included Batco Manufacturing (specialty crop belt conveyors), Wheatheart Manufacturing (grain handling equipment), Westfield Industries (portable grain augers), Edwards Group (aeration and grain drying equipment), Hi Roller (stationary belt conveyors), and Twister (galvanized grain bins). The company’s most recent acquisition prior to its purchase of Applegate was of Union Iron (material handling and storage equipment), completed in November 2007.
