Manitoba-based crop nutrient company ATP Nutrition has been acquired by a startup company that specializes in microbial products for plant and soil health.
Inocucor Corporation announced the purchase of ATP Nutrition on Tuesday.
“The combination of biologicals…with plant nutrients in ready-to-use combinations is unique in the ag sector,” says Donald R. Marvin, president and CEO of Inocucor, in a statement. “This strategic partnership is the first major step toward Inocucor’s vision to offer a broad range of products that support farmers across their crop nutrient and biological needs.”
The deal comes three months after Inocucor reported it had raised C$50.9 million in Series B financing.
ATP Nutrition will operate as a wholly-owned subsidiary of Inocucor, with all employees continuing in their current roles, says ATP Nutrition president Jarrett Chambers, in a letter posted on the company’s website.
“This event marks the beginning of a new era for ATP Nutrition. Over the past year we have been working closely to forge a strategic partnership — one that will build a combined entity that will become a leader in combining biologicals with plant nutrition,” he says.
Chambers, who will be staying on as president of ATP Nutrition, says the deal will allow ATP to work with Inocucor’s R&D team to develop “new product formulations that balance macro and micronutrients with biologicals for agriculture.”
Inocucor plans to open a new 30,000 square foot head office in Centennial, Colorado, next month, but the company has its roots in Quebec.
Inocucor’s patented technology, which includes a fermentation process for combining beneficial strains of bacteria, yeast, and fungi, was developed by founders Maggie Bywater-Ekegard and Ananda Fitzsimmons near Montreal. In 2014, Inocucor signed a research and licensing deal with McGill University to co-produce bio-stimulant products. The company currently operates a 20,000 square-foot research facility in Montreal, employing around 40 people in Montreal and the U.S.
Inocucor says it will market ATP Nutrition’s micronutrient product line through its North American channels, while also operating ATP’s R&D and manufacturing facility, which employs 23 people.
Financial terms of the acquisition were not disclosed.