- GenNx360 Capital Partners, a New York-based private equity firm, has agreed to sell its portfolio company, Salford Group, a manufacturer of tillage and crop nutrition application equipment, to Linamar Corp (TSX:LNR) (OTC:LIMAF) for C$260 million.
- The acquisition will expand Linamar's agriculture portfolio. Following the acquisition, Salford Group will continue to leverage its established manufacturing and distribution network to sell products under the Salford brand.
- Linamar intends to use funds available through its existing credit facilities to complete the transaction. It held C$928.4 million in cash and C$957.5 million available cash on credit facilities as of Q4-end.
- Linamar expects the purchase to close during the second quarter of 2022.
- Price Action: LNR shares are trading higher by 5.51% at C$51.91 on TSX, and LIMAF is higher by 4.74% at $40.43 on the last check Thursday.
