AGT Food Returns to TSX with $625M IPO and Fairfax Backing

REGINA, SK – February 27, 2026 – AGT Food and Ingredients Inc. is poised for a powerful return to the public markets, announcing the pricing of an initial public offering (IPO) and concurrent private placement that together aim to inject over $625 million into the global food processing powerhouse. The move signals a major strategic pivot for the company, which will use the proceeds to fortify its balance sheet and double down on its expansion within the rapidly growing plant-based food sector.

The Regina-based company priced its IPO at $23 per common share. The shares are expected to begin trading on the Toronto Stock Exchange on an “if, as and when issued basis” on March 3, 2026, under the ticker symbol “AGTF”.

This marks a significant homecoming for AGT, which was a publicly traded entity from 2007 until it was taken private in 2019 by a consortium that included its CEO, Murad Al-Katib, and long-time backer Fairfax Financial Holdings Limited.

A Financial Overhaul

The offering is structured in several key parts. The main treasury offering consists of 18,478,212 common shares, which will generate gross proceeds of approximately $425 million for AGT. This is supplemented by a secondary offering of just over one million shares, raising $24.5 million for certain selling shareholders, with no proceeds going to the company itself.

Crucially, the IPO is coupled with a substantial vote of confidence from one of Canada’s most respected investors. Affiliates of Fairfax Financial have agreed to purchase 8,695,700 shares at the offering price in a concurrent private placement, injecting an additional $200 million into AGT. The completion of the public offering is conditional upon the closing of the Fairfax placement, and vice versa, inextricably linking the two transactions.

While the final $23 share price is below the $26 to $30 range indicated in preliminary filings, the combined capital raise represents a transformative event for AGT. According to its prospectus, the company intends to use the net proceeds from the treasury offering to repay outstanding debt. This strategic deleveraging is expected to significantly reduce its annual finance expenses by an estimated $43.7 million, freeing up substantial cash flow to fuel its operational and growth initiatives.

A syndicate of underwriters led by National Bank Capital Markets and Scotiabank are managing the offering. They also have an over-allotment option to purchase up to an additional 2.9 million shares, which, if exercised in full, could add another $67.4 million to the total capital raised.

Fairfax's Enduring Confidence

The $200 million private placement by Fairfax Financial is more than just a capital injection; it is a powerful endorsement of AGT's strategy and leadership. Led by the renowned value investor Prem Watsa, often called the “Canadian Warren Buffett,” Fairfax is known for its long-term, fundamentals-driven investment philosophy. The firm’s willingness to not only maintain but significantly increase its stake speaks volumes.

Fairfax was a key partner in taking AGT private in 2019, a move designed to allow the company to restructure and invest for long-term growth away from the quarterly pressures of public markets. This return to the TSX, with Fairfax as a cornerstone investor, suggests that the strategy has paid off and the company is now primed for its next chapter of public growth. Watsa’s investment style, which focuses on capital preservation and identifying undervalued companies with strong management, lends significant credibility to AGT's market reentry.

Fueling the Global Plant-Based Revolution

The timing of AGT's IPO is no coincidence. It aligns perfectly with a seismic shift in global food consumption towards plant-based diets. With a global footprint of 39 manufacturing facilities across five continents and products reaching 127 countries, AGT is a key engine in this revolution. The company is a world leader in processing pulses like lentils, peas, and chickpeas—the foundational ingredients of the plant-based movement.

For the twelve-month period ending in September 2025, AGT reported impressive revenues of C$3.2 billion and adjusted EBITDA of $192 million. The fresh capital from the IPO will enable the company to accelerate its transition from a commodity handler to a producer of value-added food ingredients and consumer-packaged goods. Recent investments, such as the $10 million expansion of its extrusion center in Minot, North Dakota, to boost capacity for its pea-based Veggipasta, are a clear indication of this strategic direction.

The global plant-based food market is projected to experience explosive growth, with some analysts forecasting a compound annual growth rate (CAGR) of over 10% through the next decade. AGT is uniquely positioned to capture a significant share of this market, leveraging its vertically integrated supply chain, direct-from-farmer sourcing, and advanced processing capabilities to meet the soaring demand for healthy, sustainable, and affordable food options.

As AGT prepares to close the offering on or around March 9, 2026, the food industry and investors will be watching closely. The company's successful return to the public stage, backed by a fortified balance sheet and a powerful institutional partner, sets the stage for a new era of growth, solidifying its role as a critical player in feeding a changing world.