June 20, 2019
Summit Ag Investors, the asset management arm of Summit Agricultural Group (Summit), and GMT Corporation (GMT) jointly announced today that Summit intends to acquire a majority interest in GMT, which was founded in Waverly, Iowa in 1973 by Larry and Jill Graening. Additionally, this will allow Larry and Jill Graening the opportunity to exit the business. The Graening family will maintain an ownership interest in GMT, with Jared Graening and Darcy Graening Knights continuing to operate the company. Jared Graening will serve as President and CEO.
“On behalf of the Graening family we couldn’t be more excited to partner with Summit,” said Larry Graening, Founder of GMT. “One of the key components of our succession plan was to partner with a group that understood the importance of continued investment here in Waverly.”
“The Graening family built an incredible company in GMT that has shown the ability to adapt over the past five decades to meet the evolving needs of its customers,” said Bruce Rastetter, CEO of Summit Agricultural Group. “GMT’s niche of producing the largest, most complex parts for some of the world’s leading equipment companies makes them a crucial part of their customers’ global supply chains. We look forward to working with leadership at GMT. Our objective is to build on the legacy created over the past 46 years and help position the company for continued success.”
GMT is a precision manufacturer of complex machined and fabricated components for original equipment manufacturers across a variety of industries, including agriculture, construction, energy, defense, and airport support. The organization employs more than 275 team members at its three manufacturing locations in Waverly and is a key supplier to customers, including Deere & Company, Caterpillar, TechnipFMC, Lockheed Martin, and JBT AeroTech.
GMT will continue to be based in Waverly, where the company has a long history of community involvement and corporate stewardship. The investment from Summit will expand GMT’s opportunities for growth and enhance GMT’s ability to deliver exceptional service and performance to its customers.
“We are thrilled that GMT will be the first acquisition in our new strategy to invest in Midwestern companies involved in agriculture. We see significant opportunity to expand their capabilities into new markets and geographies,” said Justin Kirchhoff, Managing Director and Head of Private Equity for Summit Agricultural Group.
“We look forward to working with Summit and advancing our strategic initiatives,” said Jared Graening, President for GMT. “Their knowledge and leadership will play a critical role in our success going forward.”
About GMT Corporation
Founded in 1973, GMT Corporation (www.gmtcorporation.com) is a premier manufacturer providing close-tolerance production machining, fabrication, and assembly services. Headquartered in Waverly, Iowa, GMT offers manufacturing solutions for original equipment manufacturers (OEMs) utilizing state-of-the-art technology, including large horizontal and vertical machining centers, vertical turning centers, coordinate measuring machines, and robotic welding. GMT operates out of three facilities totaling 300,000 square feet and ships value-added components to OEM customers worldwide.
About Summit Ag Investors
Summit Ag Investors is Summit Agricultural Group’s (www.summitag.com) dedicated third-party asset management arm, which invests across the agriculture and renewable energy industries in the United States and Brazil. Since inception, Summit Ag Investors has raised in excess of $350 million of equity capital and currently manages assets valued at more than $600 million across several strategies, including agriculture-focused middle market buyouts, U.S. farmland, U.S. pork facilities, Brazilian ethanol production, and Brazilian farmland.