Indiana-based farmer-owned cooperatives Co-Alliance Cooperative, Inc. and Ceres Solutions Cooperative, Inc. announced 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," said Jeff Troike, CEO of Ceres Solutions. "This will allow our team to provide more robust service offerings, greater investments in our assets and an unmatched customer experience."
If the membership approves the merger, the new cooperative will have 1,800 full-time employees who will serve rural communities in Indiana, Illinois, Michigan and Ohio. Membership voting will take place in the coming weeks with the hope of completing the merger in early 2024.
Ceres and Co-Alliance have tested their partnership approach with their joint venture, Endeavor Ag & Energy. Endeavor provides agronomy, propane and feed services in north central Michigan.
“This merger drives our mission of serving our farmer-owners and the communities where we live and work,” said 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.”
