17 May 2021
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AGR Partners reports strong earnings at portfolio companies, new acquisitions and realizations
AGR Partners LLC (AGR), a Nuveen investment specialist in food and agribusiness, reported strong 2020 earnings at its portfolio companies, new acquisitions and add-on investments, and three liquidity events within the last year.
“Current market conditions have created great investment opportunities for AGR,” said Ejnar Knudsen, Managing Partner of AGR Partners. “Given the resiliency of our strategy in the past 18 months, we remain confident about today’s agribusiness landscape and continuing momentum.”
In 2020, AGR’s consolidated EBITDA for companies in its portfolios exceeded projected EBITDA. This outperformance was driven by growing earnings streams made possible by the essential nature of the products and services provided by AGR’s portfolio companies.
In October 2020, AGR led a group of over ten new investors to purchase the remaining 50% stake of Green Plains Cattle Company (GPCC) from its parent company for approximately $80 million. The fourth largest cattle feeder in the United States, GPCC is an industry pacesetter in both its operational approach and sustainability mindset.
AGR also marked the successful exit in three portfolio companies. In September 2020, AGR sold its equity stake in specialty egg company, Opal Foods, to its industry partners. Over the six-year journey, the partners worked together to execute their strategy and expand the business, ultimately creating one of the leading producers of cage-free eggs.
In February 2021, AGR worked alongside Almark Foods to complete the sale of the company’s hard-cooked egg division to Post Holdings. The sale came after a nearly five-year relationship during which Almark Foods worked with the AGR team to grow the retail hard-boiled egg business into a respected category leader. In addition, AGR portfolio company Vintage Wine Estates announced its intention to go public in a SPAC merger, creating further opportunities for growth in the wine sector.
In January 2021, AGR held the second close of its third fund, which has now closed on $95 million towards it target of $250 million. Fund III will remain open through July 31, 2021. The fund completed its first portfolio investment, a leading pet food ingredient manufacturer, allowing AGR to leverage experience gained from a previous investment in this same sector, which was exited in 2019.