Salford Group, backed by middle-market private equity firm GenNx360 Capital Partners, has bought agricultural products supplier Aerway from SAF-Holland Canada Ltd.
Aerway makes machines that are used to manage soil and grass for the agriculture industry. Salford distributes farming equipment such as spreaders. Saf-Holland makes parts for trucks, buses and tractors. GenNx360, based in New York, has owned Salford since 2013. Earlier in 2015, Salford acquired seed spreader Valmar Airflo.
A rapidly rising global population has been driving demand for agriculture suppliers because farmers need better equipment to manage their fields. PE firms American Securities LLC and P2 Capital Partners LLC have agreed to buy log splitter maker Blount International LLC (NYSE: BLT) and Dow Chemical Co. is merging with DuPont Co.
For more on agriculture M&A trends, see Agriculture Acquirers Feed on Crop Protection.