Indiana ag co-ops move for merger vote
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Two Indiana-based agricultural cooperatives will soon be seeking approval from their members to pursue a merger. The announcement Wednesday from Indianapolis-based Co-Alliance Cooperative Inc. and Ceres Solutions Cooperative Inc. in Crawfordsville follows a three-month due diligence period.
In September, the co-ops said the goal of the due diligence effort was to explore opportunities for strengthening their partnership and enhance benefits to their respective farmer members.
The boards of directors for both cooperatives unanimously approved a member vote for the merger.
“After considerable analysis, we believe this merger will provide a tremendous opportunity for our 20,000 farmer-owners. This will allow our team to provide more robust service offerings, greater investments in our assets and an unmatched customer experience,” Ceres Solutions CEO Jeff Troike said in a news release. “Together we know there will be great synergies from this historic merger with the Co-Alliance team.”
The co-ops have worked together in the past, most recently with the Endeavor Ag & Energy joint venture, which was formed to acquire an agricultural retail business in Michigan, focusing on agronomy, propane and feed.
Membership voting is expected to take place in the coming weeks. If approved, the combined cooperative will have about 1,800 full-time employees serving hundreds of rural communities in Indiana, Illinois, Michigan and Ohio.
“This merger drives our mission of serving our farmer-owners and the communities where we live and work,” said Co-Alliance CEO Kevin Still. “We are excited about this dynamic combination and what it means for the strength and future of the cooperative system.”
If the merger is approved, the co-ops aim to complete the combination in early 2024.