Euromoney Institutional Investor PLC (LON:ERM) has acquired North American agricultural price reporting agency, The Jacobsen, for US$12.25mlm.
The Jacobsen generated sales of US$2.4mln in 2020 from providing price assessments and forecasts for animal fats, feeds and vegetable oils as well as feedstocks for low-carbon intensive fuels, primarily in North American markets.
Euromoney said the Boulder, Colorodo-based acquisition would be “highly complementary” for its Fastmarkets Agriculture price reporting agency business, coming on the back of the recent acquisition of AgriCensus.
“The combination of complementary prices and markets alongside Fastmarkets’ investment in technology, systems and people will underpin the growth of the businesses,” the FTSE 250-listed group said.
The board are also enthused by the attractive market opportunities from low-carbon intensive fuels and “the intersection of new energy and agriculture”, with The Jacobsen having a strong presence in US biofuel markets, amid the increasing global shift to renewable energy.
Raju Daswani, chief executive of the Fastmarkets arm, said: “The acquisition of The Jacobsen is an important step in extending the reach and industry coverage of Fastmarkets: it will enhance our important and strategic position in the agriculture market and strengthens our position in North America.”