Mont St-Hilaire (Quebec), June 10, 2014 − Axter Agroscience Inc. makers of the original CropBooster® and RR SoyBooster® foliar biostimulants, today announced it has undergone a successful management buyout (MBO) led by CEO Pierre Migner, and backed by Avrio Ventures Limited Partnership II.
The buyout was initiated by Axter’s senior management team led by CEO Pierre Migner and Avrio Ventures Limited Partnership II, a Canadian Investment Fund specializing in Agriculture and Food. The transaction will enable Axter to enhance its position as a market leader and build on the strong customer base it has nurtured since 1981, while providing a robust platform upon which to continue to grow its business.
Headquartered in Mont St-Hilaire, Québec, Axter has been developing and marketing innovative foliar applied biostimulants and nutrient solutions since 1981. Axter’s products are used by farmers throughout Canada and have provided them with technological solutions to enhance the yield and quality of their crops.
“Today’s announcement is an important milestone in the growth of our company” said CEO Pierre Migner. “I am delighted that the MBO has been successful. We had been looking at the best options to manage our growing business while maintaining high level of service and commitment to our customers. The MBO provides perfect continuity in the way operations have been historically run. Partnering with Avrio presents a great opportunity to get closer to existing and new customers by extending our presence in the Canadian market. In the short term, this partnership also offers us the capacity to immediately increase our research and development budget to ensure our solutions meet the expectations of our customers.”
Michael McGee, Partner at Avrio Ventures Limited Partnership II, adds: “We are excited to participate in this new phase of Axter’s story with Pierre Migner and his talented management team. We were really impressed by Axter’s positioning in the market, the quality of its products, as well as its impressive track record. We look forward to working with Pierre and his team to further strengthen and develop Axter’s leading position over the coming years.”