Gulftech International™ and Verdant Technologies™ announce a definitive agreement in which Gulftech will acquire Verdant.
This 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 innovative 1-MCP solutions to market that are designed to help the produce and floral industries deliver fresher, longer-lasting products in a simple, portable and reliable one-step application process. Verdant’s proven results and product efficacy in recent commercial field trials are driving enthusiastic customers to quickly adopt Verdant’s technology.
“We welcome Verdant to the growing group of companies which Gulftech has carefully cultivated over our half-century of conducting business in the fields of engineering, manufacture, lease, sale and service of industrial equipment and components serving food production and processing companies, ” said Gulftech CEO Steven Ferrell, “Aligning with Gulftech’s existing global footprint, and leveraging synergies with our other portfolio companies, Verdant is poised to significantly impact the produce and floral markets with extended product life, increased profitability and reduced waste. Verdant is led and managed by some of the greatest minds in this industry, committed to positively impact the world’s health and well-being. Verdant’s 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 to continuing innovations Verdant can provide on a global basis.” Ferrell added, “We believe the capital and strategic leadership we can offer will meaningfully impact Verdant’s financial results and market development in the coming years. The financial strength Gulftech provides will strengthen Verdant’s position to aggressively capture market share in this dynamic business sector and fulfill its mission. This is a great match.”
Verdant CEO Gordon Robertson stated, “We are enthusiastic about Gulftech’s decision to add our company to their portfolio. The investment in Verdant, the synergies and operational expertise that Gulftech and their sister companies provide, like Sinclair Systems and Brown International, will be our launchpad to accelerated growth as we commercialize our products domestically and across the globe.”
Terms of the agreement were not released.
