Buhler Industries gets a new owner

The four-wheel-drive Versatile 620, built by Buhler Industries in Manitoba, Canada. (Photo: Buhler Industries)

Buhler Industries Inc. and ASKO Holding announced that Başak Traktör Tarim Ziraat Ve Iş Makinalari Sanayi Ticaret A.Ş., a wholly-owned subsidiary of ASKO Holding, has entered into a definitive agreement to purchase all of the company’s common shares of the company owned by Russia’s Combine Factory Rostselmash Ltd.

The shares to be acquired by Başak Traktör represent approximately 97% of all of the outstanding shares. In addition, pursuant to the agreement, Başak Traktör will acquire all of the outstanding debt of Buhler Industries owed to Rostselmash. The aggregate cash purchase price to be paid by ASKO is CAD $60.5 million.

Entering into the agreement is the culmination of a process initiated by Buhler Industries to identify a long-term investment partner, which was announced in July 2023. The company said the transaction represents a significant step forward for the company as it seeks to bolster its position in the agricultural industry and continue its commitment to serving farmers and dealers with high quality farm equipment.

“We are very excited to partner with ASKO Holding. We believe that ASKO Holding’s deep understanding and involvement in the agricultural equipment industry, will assist the company in achieving its immense potential for future growth and innovation,” said Grant Adolph, COO, Buhler Industries, Winnipeg, Manitoba, Canada.

“This investment in Buhler Industries is the next step forward for ASKO Holding’s expansion into the North American market,” said Sami Konukoglu, chairman of ASKO Holding. “It is a diversified company with interests in agricultural machinery, construction equipment, energy and technology. Buhler Industries and its iconic brands, Versatile and Farm King, have a deep history and legacy in the agricultural industry and we are enthusiastic about working with Buhler Industries to take the next steps in the evolution of its business.” 

Başak Traktör is headquartered in Sakarya, Turkey, and started manufacturing agricultural equipment in 1914 under a variety of brand names. It was renamed Başak in 1996. Under the brand name of Başak Traktör, the company manufactures tractors up to 120 horsepower as well as soil tillage, planting and plant protection machinery, harvesting and garden equipment under the Başak Agri brand. In addition, Başak distributes other brands of machinery, including Develon and Claas.

ASKO Holding made its first acquisition in North America in September when it purchased a majority stake in Hy-Brid Lifts, a manufacturer of scissor lifts in Richfield, Wis.

The closing of the transaction is expected to occur before year end or in early January 2024. The agreement contains a number of customary conditions that must be satisfied or waived prior to closing of the transaction.