Pune-based industrial automation firm Cybernetik has acquired an 87.5% majority stake in Buffalo Extraction Systems, an Arkansas-based turnkey solutions provider in the Cannabis Extraction space, for undisclosed cash consideration.
The acquisition would position Cybernetik as a pioneering provider of turnkey industrial automation solutions to the companies engaged in the extraction of medicinal plants, herbs, spices and essential oils. It would also expand Cybernetik’s presence in more markets around the world, said the company in a statement.
Mahesh Wagle, co-founder and director of Cybernetik said, “Our acquisition of Buffalo Extraction Systems will open new networks for us in countries like Africa, India, Thailand, the U.S. and South America. Given our experience in the extraction, industrial automation space, and manufacturing of high-end material handling and process automation solutions for over 30 years, the synergies between the companies are bound to create a lasting impact.”
Yogesh Jhamtani, CEO & Co-founder of Buffalo Extraction systems said, this investment would help the company build capabilities to become leaders in the Engineering, Procurement and Construction (EPC) space and extraction equipment in the agro-produce extraction industry.
“We feel it’s a natural progression and we are committed to bringing innovative solutions, while, at the same time, introducing new robust technologies and building the agro-processing industry, which is still in its nascent stages worldwide. With revenue targets of $20 million by 2025, we are just getting started,” Mr. Jhamtani added.
Buffalo Extraction Systems was founded in 2019 in Bentonville, by a young group of technocrats to offer state-of-the-art extraction solutions for various industries. It offers turnkey services to clients from concept to commissioning.