Feed&Grain reports:
Bartlett, a Savage company, has announced an agreement to acquire Ceres Global Ag Corp., a move set to significantly expand Bartlett’s agricultural merchandising and supply chain network.
Ceres, based in Golden Valley, Minnesota, is an international agricultural, energy and industrial products merchandising and supply chain company. The acquisition will bring Bartlett:
10 operational locations in Minnesota, Manitoba and Saskatchewan.
Membership interests in three agricultural joint ventures in Minnesota and North Dakota.
An aggregate grain and oilseed storage capacity of approximately 45 million bushels, including joint venture assets.
Strengthened merchandising capabilities in durum, oats, spring wheat and canola.
“We’re excited to welcome the Ceres team to Bartlett,” said Savage President and CEO Jeff Roberts. “We see incredible potential in combining our networks and growing in new ways with the resources that Ceres brings to our portfolio. With their great team and assets, we’ll build on our robust supply chain for our current and new customers alike.”
Bartlett Executive Director Bob Knief stated, “Ceres assets, relationships and values are a natural complement to the Bartlett business. We’re thrilled about combining our resources to grow our networks and better serve our customers.”
Ceres leadership also views the acquisition positively. “Bartlett’s acquisition of Ceres vindicates the strategy we set out to achieve 12 years ago, which is to build the company into one of North America’s leading merchandisers of durum, oats, spring wheat and canola,” said Ceres Chairman Jim Vanasek. “I believe Bartlett is a perfect fit in terms of geography, business lines and culture, and will take Ceres to the next level.”
The transaction is subject to court, shareholder and regulatory approvals, as well as customary closing conditions. According to the announcement, shareholders representing 70% of Ceres’ outstanding shares, including VN Capital Management, LLC, have entered into irrevocable “hard” voting and support agreements in favor of the acquisition.
