Gulftech International™ and Verdant Technologies™ announce a definitive agreement in which Gulftech will acquire Verdant. The transaction, expected to close later this month, occurs just as Verdant begins its commercial launch into the ag tech industry servicing food and flora sectors. Verdant brings 1-MCP solutions to market designed to help the produce and floral industries deliver fresher, longer-lasting products in a simple, portable and reliable one-step application process.
“We welcome Verdant to the growing group of companies which Gulftech has cultivated over our half-century of business in engineering, manufacture, lease, sale and service of industrial equipment and components serving food production and processing companies,” said Steven Ferrell, Gulftech CEO. “Aligning with Gulftech’s existing global footprint, and leveraging synergies with our other portfolio companies, Verdant is poised to impact the produce and floral markets with extended product life, increased profitability and reduced waste. Verdant is led by people committed to positively impacting the world’s health and well-being. Its unique application process allows customers to recognize the advantages of 1-MCP without any capital investment on the part of the grower, packer or retailer. We look forward towards continuing innovations Verdant can provide on a global basis.”
“We believe the capital and strategic leadership we can offer will meaningfully impact Verdant’s financial results and market development in the coming years,” added Ferrell. “The financial strength Gulftech provides will strengthen Verdant’s position to aggressively capture market share in this business sector and fulfill its mission. This is a great match.”
“We are enthusiastic about Gulftech’s decision to add our company to their portfolio,” said Gordon Robertson, Verdant CEO. “The investment in Verdant, the synergies and operational expertise that Gulftech and their sister companies like Sinclair Systems and Brown International provide will be our launchpad to accelerated growth as we commercialize our products domestically and across the globe.”
Terms of the agreement were not released.