Gowan Reaches Agreement to Purchase Entire Corporate Capital of Piemme, which has control over Isagro
07 March 2021
Yuma, Arizona, March 7, 2021 – Gowan Company is pleased to announce that it has entered into a binding agreement to purchase all shares of Piemme S.r.l from Giorgio Basile and the other shareholders. Piemme S.r.l is the controlling shareholder of Isagro S.p.A., and the transaction announced today is the first step in the purchase by Gowan Company of all shares of Isagro S.p.A.
Isagro is the owner of important active ingredients, including copper hydroxide/oxychloride, tetraconazole and kiralaxyl globally, and is well known for its research and development efforts in the crop protection and biopesticide industries.
Gowan, headquartered in Yuma, Arizona, operates globally in the agricultural solutions business and is specialized in developing, marketing, and processing agricultural inputs such as crop protection products, seeds, and fertilizers.
Juli Jessen, Chief Executive Officer of Gowan Group, said: “As a partner since 2013, Isagro has repeatedly impressed us. We look forward to expanding commercial opportunities, especially integrating the manufacturing and science depth at Isagro Group’s facilities. These additional competencies are instrumental in positioning Gowan as global agricultural practices evolve”.
Giorgio Basile, Chairman of Isagro, said: “The Transaction with Gowan will allow to value at their best the tangible and intangible assets developed by Isagro since its origins. The complementarity between Gowan and Isagro ensures the continuity of Isagro’s mission in the agro-pharmaceutical sector. Gowan is a historic partner of our Group and I am sure it represents a great chance also for the several and qualified human resources within our Group”.
At the closing of its purchase of Piemme, Gowan will launch a mandatory tender offer (MTO), to purchase all outstanding shares of Isagro.
The purchase of Piemme by Gowan will close after the following caveats have been met: the obtaining of the clearance by the competent regulatory authorities according to antitrust law and golden power regulation, if required; and the termination of any outstanding relationships between Isagro and its subsidiaries, on one hand, and any entity located in countries or regions (including Cuba) where any U.S. person cannot conduct business according to any applicable law on the other hand.
Subject to the conditions mentioned above, it is believed that the closing will occur within the first semester of 2021, and the MTO will be completed within the third quarter of 2021.
Isagro press release:
About Gowan Group
Gowan Group is a global, family-owned agriculture solutions business headquartered in Yuma, AZ, U.S.A. Gowan specializes in developing, marketing, and manufacturing global agriculture inputs such as crop protection products, seeds, and fertilizers. Gowan began in 1962 as a local crop consultancy business helping growers identify the right crop protection solutions to help their farms thrive. Today, Gowan has over 27 entities in 15 countries and sales in over 70 countries. Across the world, the Gowan Tribe strives to understand the needs of local markets and provide solutions to critical pest problems. Using sound science and the coordination of regulatory, marketing, and sales expertise, Gowan then brings products to market that are essential for growers.
Isagro S.p.A., an independent company born in 1993 with Montecatini/Montedison origin, is listed on the Milan Stock Exchange since 2003. Initially based on the discovery and development of new chemical molecules, the last one being Fluindapyr, the Company leads today a Group offering agricultural solutions at low environmental impact, with a growth project focused on biorationals as part of its new business model aimed also at capitalizing on the current product portfolio qualified for an integrated crop management.