Co-Alliance, Ceres Solutions to Pursue Merger Vote
November 29, 2023 Indiana-based farmer-owned cooperatives Co-Alliance Cooperative, Inc. and Ceres Solutions Cooperative, Inc. announced on Wednesday an agreement to pursue a merger. The cooperatives spent the past three months in a due diligence period to better understand the potential synergies of a combined organization. Upon reviewing the final due diligence report, the Boards of Directors of both cooperatives have 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,” said Jeff Troike, CEO of Ceres Solutions. “Together we know there will be great synergies from this historic merger with the Co-Alliance team.”
If the membership approves the merger, the new cooperative will have 1,800 full-time employees who will serve hundreds of rural communities in Indiana, Illinois, Michigan, and Ohio. The cooperative system plays a vital role in our rural districts, investing in facilities, sustainable agriculture, and the next generation of farmers. The employee team will be focused on collaborating to drive efficiencies, share expertise and deliver a diverse portfolio of services to customers.
“This merger drives our mission of serving our farmer-owners and the communities where we live and work,” added Kevin Still, CEO of Co-Alliance Cooperative. “The combined strength and legacy of success of Ceres and Co-Alliance creates a powerful partner for our farmer-owners and customers, helping them grow future generations. We are excited about this dynamic combination and what it means for the strength and future of the cooperative system.”
Ceres and Co-Alliance have tested their partnership approach with their joint venture, Endeavor Ag & Energy. Endeavor has successfully provided agronomy, propane, and feed services in north central Michigan. Membership voting will take place in the coming weeks with the hope of completing the merger in early 2024.
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