Rebranded Grain & Protein Technologies, the new standalone entity will be led by accomplished industrial manufacturing leader Jacob Thomas

NEW YORK and DULUTH, Ga., Nov. 1, 2024 /PRNewswire/ -- American Industrial Partners ("AIP"), an industrials investor, today announced the completion of its acquisition of AGCO Corporation's (NYSE: AGCO) Grain & Protein division, which produces grain storage and seed processing solutions as well as feeding, watering, climate management and control systems for worldwide protein production, principally poultry, swine, and egg. In conjunction with the transaction close, it was announced that the new standalone, privately held business will now operate under the name Grain & Protein Technologies ("the Company") with Jacob Thomas serving as CEO.

Serving customers in over 100 countries worldwide, Grain & Protein Technologies employs more than 3,200 people across its 14 manufacturing facilities in North America, Brazil, Europe, and Malaysia, generating an annual revenue of approximately $1 billion. The Company will continue to operate its strong portfolio of brands – GSI, Cumberland, AP, Tecno and Cimbria – which are industry leaders in equipment for grain, seed, poultry, egg, and swine production.

Jacob Thomas joins Grain & Protein Technologies from The Carlstar Group ("Carlstar"), the leading supplier of specialty tires and wheels, where he served as CEO and member of the company's board. During his tenure at Carlstar, a former AIP portfolio company, Thomas successfully led the organization's transformation and sale. Prior to Carlstar, Thomas served in executive leadership positions at Clarcor, IDEX Corporation and the Terex Corporation.

"I am delighted to be partnering with AIP again, and whole-heartedly believe in the potential for value creation of this great group of businesses that have an important purpose of Feeding the World Better," said Jacob Thomas, CEO of Grain & Protein Technologies. "I have been immersed across the enterprise over the last twelve weeks, and I am impressed with the level of talent and commitment. We will emphasize advancing smart technologies and offering innovative technical solutions to our customers to make them more productive and profitable in a sustainable way."

Eric Baroyan, Partner at AIP, added, "Grain & Protein Technologies is a critically important business to the future of the global food supply. With decades of industrial manufacturing expertise and a track record of success building large-scale, global operations, Jacob is the right leader for the Company to ensure it fully capitalizes on its unique market position as the go-to partner for large-scale agriculture worldwide."