After 150 years, the wait is finally over. Lost amid the hoopla surrounding the Feb. 21 announcement of a merger between James Richardson International Ltd. and Agricore United — a move that will create Canada’s largest grain-handling company — is the news that retail investors will finally be able to buy a piece of Manitoba’s wealthiest family.

Since its beginnings a century and a half ago, James Richardson and Sons Ltd., as well as JRI and its other subsidiaries, have been staunchly private companies. But all that will change in a matter of a few months, assuming the merger receives the necessary regulatory approval.

According to Hartley Richardson, the fifth- generation CEO of JRSL, the reaction to the merger is “very positive,” particularly in Western Canada, because of the company’s long-standing reputation in the grain business. It certainly hasn’t hurt that the firm is putting up an additional $125 million of its own money as part of the deal.

“We obviously believe strongly in the transaction. There will clearly be an opportunity for investors interested in long-term growth to invest alongside us,” he says. “Investors can come along and participate in what we’re very pleased to say is a strong management group.”

The attraction for investors to hitch their carts to the Richardsons’ horses is obvious. The parent company is diversified with strong operations in grain, oil and gas, real estate, financial services and private equity. Although their financial results have been kept under wraps, the family ranked 20th on Canadian Business magazine’s most recent “Rich 100” list with assets estimated at $1.8 billion.

The creation of a $4.8-billion agri-food giant, to be called Richardson Agricore Ltd., is JRSL’s largest deal since it sold investment dealer Richardson Greenshields of Canada Ltd. to RBC Dominion Securities Inc. for $486 million in 1996.

Hartley Richardson is very excited about the transaction: “We think we’re bringing together two companies that will benefit from each other. We believe we’ll be able to put together a truly Canadian company that will be able to compete on the global stage.”

At the time of the merger announcement, it was revealed JRI generated about $1.7 billion in sales and $72 million in profit before taxes and other charges in 2006. Agricore is no slouch, either. With EBITDA of $151.9 million for the 12 months ended Jan. 31, up from $125.7 million for the previous year, it was successful enough to catch the eye of Saskatchewan Wheat Pool Inc., which launched a hostile takeover bid for Agricore in November.

Manitobans wanting to invest alongside the province’s other über-wealthy families have been able to ride the coattails of the Aspers, since they took their media company, CanWest Global Communications Corp., public in 1991. The Aspers took the 41st spot on the Rich 100 list with assets of $1.1 billion.

Other wealthy Manitoba entrepreneurs have also sold shares to the public, such as Randy Moffat, former head and majority shareholder of media company Moffat Communications Ltd. But the Richardsons have always remained out of the reach of the average investor. Shares in the newly minted company could be available as early as May or June, Hartley Richardson says, adding that it hasn’t been decided what the new ticker symbol will be.

He adds that investors shouldn’t hold their breath in anticipation of other public vehicles from what he refers to as “the family.”

“This is clearly an anomaly,” he says. “The parent company is most certainly remaining private, and Richardson Financial, Tundra Oil & Gas Ltd. and our real estate interests are all remaining private.”

JRI wasn’t looking to make any kind of initial public offering and was quite content to remain private, he continues. “We believed we could continue to be successful as a private company.

“But you stay in business by being adaptable. When we looked at this opportunity, we realized it was a much better fit [with JRI] than the Saskatchewan Wheat Pool offer.” IE