May 16, 2021Controlling interest of Isagro to be purchased by Gowan Co.
Gowan Co. announced May 14 the close of the agreement to purchase all the capital of Piemme S.r.l. from Giorgio Basile and other shareholders, representing 99.9% of the corporate capital in Piemme. Piemme S.r.l. is the indirect controlling shareholder of Isagro S.p.A.
According to a news release, the transaction is the first step in Gowan Co.’s plan to purchase all of the 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. Isagro has been a partner of Gowan Co. since 2013, and Gowan now looks 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.
Gowan plans to move forward consistent with Italian law to launch – through its entirely owned subsidiary, Crop Demetra Limited – a mandatory tender offer (MTO) to purchase all outstanding shares of Isagro. As Gowan and Isagro progress through the integration planning process, we plan to continue serving our customers and partners with the same level of focus and quality.
At the close of this transaction, Giorgio Basile, CEO, and founder of Isagro, has resigned from Isagro’s board and from management of the company, along with three other directors nominated by his holding company.
Gowan announced that following these resignations, Isagro’s board has voted to add Robert Sanchez, Lourdes Gonzalez, Thomas Flitsch, and Samantha Lawrence, all put forward by Gowan, to the Isagro Board of Directors.
Isagro’s board has also now appointed Roberto Bonetti as chairman and CEO of Isagro. Bonetti has over 18 years of experience working with Isagro in various roles, including chief operating officer and membership on its board of directors. Bonetti has also served as Gowan’s Business Development Manager – Corporate Investments since 2017.