Delphy Group acquired by Canadian AgriFORCE group

AgriFORCE Growing Systems, Vancouver, signed a final agreement today to acquire Delphy Group BV for US$29 million through a combination of cash and stock, and to move into the future together. An exchange of shares is part of the agreement, whereby Delphy's shareholders acquire an interest in AgriFORCE.

Delphy is a knowledge company for developing and applying knowledge in plant sectors. This acquisition creates opportunities for Delphy to further develop its core business and expand internationally.

Among others, the merger of Delphy and AgriFORCE provides the following strategic advantages for Delphy:

• Delphy has shown strong financial performance and consistent growth in recent years. By merging with AgriFORCE, Delphy's growth is further expanded. Delphy 's consultancy and research activities in the Netherlands, and other countries where Delphy is active, will be expanded.
• The establishment of a research center for plant sectors in North America is a joint priority, as is the expansion of Delphy's knowledge activities in Europe, Asia and Africa.
• Accelerate development and implementation of "green" digitization. Delphy has laid a solid foundation in the development and application of digitalization to optimize production and make it more sustainable. These activities are being expanded rapidly with AgriFORCE.
• Delphy's knowledge and experience in the plant sectors complement AgriFORCE's M&A strategy: tracking regional and international opportunities and developments in plant sectors, with a focus on knowledge.

Ingo Mueller, CEO of AgriFORCE Growing Systems, stated: "We expect the combined company AgriFORCE - Delphy to grow into a global player with R&D capabilities of the highest level, with increased opportunities for knowledge development and knowledge application in a broader geographical market." He added: "Delphy brings a very skilled and experienced team to the table. We look forward to working with Delphy to further build on their capabilities and broad relationships. Importantly, our complementary expertise and shared values are utilized to contribute to sustainable change in the plant sectors. Delphy will maintain its independent position in this regard."

Jacco van der Wekken, CEO of Delphy, commented: "The partnership with AgriFORCE will accelerate our global expansion plans and build on our market leadership. Our joint strategy is to develop and apply innovative solutions in plant production. This is achieved by expanding research locations in various plant sectors, accelerating digitization and expanding the consultancy activities in other parts of the world. We are, for instance, looking forward to capitalizing on the enormous opportunities in North America in close cooperation with AgriFORCE. The current management of Delphy will also remain active in the further expansion of Delphy."

For more information:
Delphy