Alceco Acquires 100% Ownership of Ag Partners
July 28, 2020 Alceco, an Iowa cooperative based in Albert City, IA, has signed a letter of intent to acquire full ownership of Ag Partners, LLC on or around July 31, 2020. Ag Partners has been a joint venture between Alceco and Cargill since its formation in 1997. The company is ranked No. 54 on the 2019 CropLife 100 list of largest ag retailers in the U.S.
“We have very much appreciated the relationship we have had with Cargill,” says Jim Franzmeier, Alceco Board Chairman. “While the ownership will change, we look forward to a continued strong relationship with Cargill through the Ag Partners’ rail facilities, grain marketing alternatives, and feed ingredient needs.”
“Alceco has been a deeply respected and trusted partner, and we are certain their ownership will provide long-term value to local farmers in the area and the on-going relationship with Cargill,” said Sheryl Wallace, President, North America Grain, Cargill.
Troy Upah, CEO of Ag Partners stated, “Customers, employees, and suppliers will see very few changes as the Alceco board will initially run under the Ag Partners’ brand. Our goal will be very similar – maintaining Ag Partners’ role as a leading provider of producer solutions and services in Northwest Iowa through our great team, key investments, and our financial strength.”
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