By Brazil Stock Guide – Kepler Weber (B3: KEPL3) confirmed it has received a non-binding offer of R$11.00 per share from Grain & Protein Technologies (GPT), controlled by the US-based American Industrial Partners (AIP). The offer represents a 48.3% premium to Kepler’s 60-day volume-weighted average price prior to granting exclusivity on October 16, 2025.
The company said confirmatory due diligence and negotiations on definitive agreements are under way. Under the indicative proposal, Kepler may continue paying dividends of up to 47.5% of annual net income during the first 90 days after signing without affecting the offer price; after that period, the price will be adjusted by the CDI rate and reduced by any dividends paid.
A century-old industrial leader
Founded in 1925 by brothers Otto and Adolfo Kepler Jr. in Panambi, Rio Grande do Sul, Kepler Weber began as a small metal workshop and evolved into Latin America’s leading manufacturer of grain-storage and post-harvest equipment. The company is now headquartered in São Paulo, with plants in southern Brazil and exports to more than 30 countries.
Its product portfolio includes metal silos, grain dryers, conveyors, bucket elevators, control panels, and temperature-monitoring systems, serving clients from large farms and cooperatives to port terminals and logistics hubs.
In 2024, Kepler reported net revenue of about R$1.61 billion and net profit of R$188 million, up 6.3% year-on-year, with an 11.7% margin. The Farms division accounted for roughly R$520 million, while Ports & Terminals reached R$113 million. Exports contributed R$199 million, reinforcing its position as the undisputed leader in Latin American post-harvest solutions.
An open-capital target
Kepler Weber has no controlling shareholder, a rarity among Brazil’s mid-cap industrials and a factor that makes it more accessible to potential strategic buyers.
According to CVM filings, the largest shareholder is Trígono Capital, with about 15%, followed by the Heller family, holding roughly 11%. The remaining 70% of shares are widely dispersed among institutional and retail investors.
That fragmented ownership structure, coupled with steady profitability and strong governance, has made Kepler an appealing takeover target for international players seeking scale in the region’s fast-growing agribusiness infrastructure sector.
Who is GPT — and who’s behind it
Grain & Protein Technologies was created in 2024, when American Industrial Partners acquired the grain and protein division of AGCO Corporation in a US$700 million transaction. The deal gave rise to an independent platform uniting major global brands such as GSI, Cumberland, AP, Tecno and Cimbria.
Headquartered in the United States and led by CEO Jacob Thomas, GPT operates in more than 100 countries, supplying integrated systems for grain storage, drying, and animal nutrition. Its parent, AIP, manages about US$15 billion in assets and specializes in industrial turnarounds and operational integration across heavy-manufacturing sectors.
A race for post-harvest dominance
The approach underscores the global consolidation under way in agricultural logistics and storage, as record Brazilian harvests expose infrastructure bottlenecks. With more than 320 million tons of grain harvested annually and less than 190 million tons of static storage capacity, Brazil represents a multi-billion-real investment gap.