By: The Working Forest Staff
Toronto, Ontario — InstarAGF Asset Management Inc. has announced it has acquired PRT Growing Services Ltd., a leading reforestation logistics provider with operations across North America, from TriWest Capital Partners.
The Company’s management team will continue to lead the business, which is headquartered in Victoria, British Columbia. PRT is the largest commercial-scale containerized growing provider in North America for a wide range of forestry seedling species.
The Company blends the cultivation of seedlings with cold storage facilities, logistics services, and technology to meet critical silviculture and reforestation needs, and also bioremediates wastewater, biosolids, and soil contaminants through the use of willow trees.
PRT is an essential link in the forest sustainability supply chain, facilitating the rehabilitation of the natural environment and helping to mitigate the impact of climate change. “As a long-term investor and owner of essential infrastructure businesses, InstarAGF’s purpose as an organization is to enrich people’s lives,” said Gregory Smith, President, and Chief Executive Officer, InstarAGF. “PRT is a premier agricultural infrastructure platform with an established operating history, diverse customer relationships, and an attractive growth profile. We are delighted to partner with PRT’s management team in contributing to sustainable reforestation initiatives and requirements in North America to enhance the resilience of our environment and health of our communities.”
Rob Miller, Chief Executive Officer of PRT, commented, “We are excited to partner with InstarAGF as we pursue organic growth opportunities and acquisitions across North America to further strengthen our market-leading position in containerized forest seedlings and sustainability solutions to better serve current and new customers.
We are proud to welcome InstarAGF to the PRT family as we seek to better serve customers and extend our competitive advantage and positive environmental and community footprint. We also wish to thank TriWest, as our partnership with TriWest has played an important role in the growth and success of PRT over the past 2.5 years.”
“PRT is an exceptional business with a bright future,” said Ryan Giles, Senior Managing Director, TriWest. “Our collaboration with PRT over the past few years has been productive and created considerable value for our stakeholders. We are delighted to share in PRT’s vision and proud history and thank the PRT team for their innovative and customer-focused approach to growing the business.”
Over its 30-year history, PRT has grown approximately 4.5 billion seedlings for a diversified customer base that includes governments, blue-chip forest product companies, timberland managers, and landowners who outsource seedling growing to help fulfill their obligations to reforest harvested areas.
PRT operates 19 growing and 17 cold storage facilities across 21 sites in both Canada and the U.S. Financial terms of the transaction were not disclosed.