Legumex walker has agreed to sell its special crops division and is making plans to liquidate.

On Monday, the Winnipeg-based company announced it reached an agreement with the Scoular Company, who will acquire the assets for $94 million, plus working capital when the deal closes. This translates to a deal of $174.6 million.

Legumex says they'll wind up operations and return net proceeds to shareholders, after bank debt and liabilities are paid off.

"The goal for our special crops division was to bring together several exceptional businesses in our industry, diversify across our product offerings, growing regions and customers, and create an exceptional platform that would thrive as it grew," says Legumex president and CEO Joel Horn, in a press release.

Scoular is a 123-year-old American agricultural marketing company. It says in the same press release, that this deal is a strategic addition to Scoular's existing global feed and food ingredient merchandising business.

"The transaction will significantly increase our product and geographic footprint, which in turn will increase our ability to serve new and existing customers worldwide," says Scoular CEO Bob Ludington. "We expect to operate Scoular Special Crops much like LWI (Legumex) operates the business today, but with the financial capacity to expand operations, product lines, and distribution channels.  As a result, we will be able to provide additional value to Canadian producers and pursue opportunities to serve a global customer base seeking specialty products associated with healthy food trends."

Legumex's board of directors unanimously approved the deal, but the implementation of the transaction must be approved by a shareholder vote.