WESTERN PRODUCER — Ba艧ak Traktör, which is based in Sakarya,Turkey, and is a wholly-owned subsidiary of ASKO Holding, announced Dec. 20 it has acquired 96.7 percent of the outstanding shares of Buhler Industries, the parent company of Winnipeg-based Versatile and Farm King brands.
The deal includes Ba艧ak Traktör assuming all the company’s outstanding debt, and in total is worth C$60.5 million.
“We are very excited to partner with ASKO Holding,” said Grant Adolph, chief operating officer of Buhler Industries.
“We believe that ASKO Holding’s deep understanding and involvement in the agricultural equipment industry will assist the company in achieving its immense potential for future growth and innovation.”
Added Sami Konukoglu, chair of ASKO Holding: “This investment in Buhler Industries is the next step forward for ASKO Holding’s expansion into the North American market. Buhler Industries and its iconic brands, Versatile and Farm King, have a deep history and legacy in the agricultural industry and we are enthusiastic about working with Buhler Industries to take the next steps in the evolution of its business.”
The deal is the end result of a search for a long-term investment partner that Buhler started in July 2023.
All of the roughly 24 million shares purchased were owned by Russian ag equipment manufacturer Rostselmash. Buhler Industries is listed on the TSX.
In March 2022, Buhler’s board of directors announced it had removed Konstantin Babkin from the board. He had been a board member since the Russian farm equipment manufacturer Rostselmash acquired majority ownership of the company in 2007 and had been a vocal supporter of Vladimir Putin and Russia’s invasion of Ukraine.
The Buhler board publicly denounced Babkin’s outspoken views, noting they didn’t reflect the values of the board overall or those of Buhler Industries. However, the company remained under majority ownership by Rostselmash.
The pending deal with Ba艧ak Traktör completely removes the Russian ownership. Both companies expect the deal to be finalized by early January 2024.
Ba艧ak Traktör can trace its origins to 1914 and currently produces tractors up to 120 horsepower. Versatile’s product lineup starts just above that with the 175 horsepower Nemesis MFWD model.
