AGT Foods announces initial public offering and concurrent Fairfax private placement of common shares

On February 27, 2026, AGT Food and Ingredients Inc. ("AGT Foods"), majority owned by Fairfax Financial Holdings Limited (“Fairfax”), announced that it has filed with the securities regulatory authorities in each of the provinces and territories of Canada, and obtained a receipt for, its final base PREP prospectus, and has entered into an underwriting agreement in connection with its initial public offering of common shares (the “offering”).

The offering consists of a treasury offering of 18,478,212 common shares at a price of C$23 per share, for total gross proceeds to AGT Foods of approximately C$425 million. The offering is expected to close on or about March 9, 2026, subject to customary closing conditions.

The offering is being made through a syndicate of underwriters led by National Bank Capital Markets and Scotiabank, as joint lead bookrunners, Raymond James Ltd. as bookrunner and ATB Securities Inc., Canaccord Genuity Corp., BMO Capital Markets, RBC Capital Markets, TD Securities Inc., CIBC Capital Markets and Desjardins Capital Markets.

AGT Foods also announced that certain affiliates of Fairfax have agreed to purchase on a non-brokered private placement basis, concurrent with the closing of the offering, an aggregate of 8,695,700 common shares at a price of C$23 per share, for gross proceeds of approximately C$200 million (the “Fairfax private placement”). Completion of the Fairfax private placement is conditional upon the completion of the offering, and the offering is conditional upon the completion of the Fairfax private placement.

Further information can be found on Canada Newswire’s website.

Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

AGT Foods is a Saskatchewan-based global leader in plant-based proteins and value-added processing of pulses, grains, staple foods and ingredients for export and domestic markets, majority owned by Fairfax Financial Holdings Limited.