And we are down to a CropLife 98.
Last week, I wrote about how, in many years, no sooner does CropLife finish publishing its annual listing of the nation’s 100 largest ag retailers in December and word comes our way that two or more companies on the current list will disappear with the dawning of the new year. Now, it’s happened again, just one week later!
On November 27, the J.R. Simplot Co., the No. 7 ranked ag retailer on the 2019 CropLife 100 list, will be acquiring Pinnacle Agricultural Enterprises, LLC, the No. 6 ranked ag retailer, during the first quarter of 2020. With their combined sales, the new Simplot will ultimately rank at No. 3 among ag retailers in the U.S., trailing only Nutrien Ag Solutions and Helena Agri-Enterprises.
“We’re thrilled to welcome Pinnacle employees, customers, and partners,” said Doug Stone, President of Simplot’s AgriBusiness Group. “We look forward to bringing together these complementary businesses and continuing to create value for our customers.”
In truth, the fact that Pinnacle is being acquired is not a surprise. Indeed, back during the summer months, the company’s board of directors began actively seeking another ag retailer to buy the company. At that time, however, rumors swirled that a large Colorado-based ag retailer would make a move on Pinnacle. But in the end, Simplot was able to step into the mix instead.
Combined, Simplot will now have more than 200 ag retail locations spread out across the Pacific Northwest, California, Texas, and much of the Mid-South. The acquisition will also bring Pinnacle’s Innvictis Crop Care division to Simplot, which features a full line of branded adjuvants, crop protection, seed treatment, and crop nutrition products.
“Building upon the strong legacy foundation and our focus on being the best locally first, the combination of the two companies provides and reinforces our commitment to taking care of our customers and our employees,” said Rob Marchbank, President/CEO of Pinnacle. “We are proud of what has been created and are eagerly looking forward to what will be created with Simplot.”
And the ag retail consolidation beat goes on . . .