Alceco, a co-op based in Albert City, IA, has signed a letter of intent to acquire full ownership of Ag Partners, LLC, on or around July 31.
Ag Partners has been a joint venture between Alceco and Cargill since its formation in 1997.
“We have very much appreciated the relationship we have had with Cargill,” said Jim Franzmeier, board chairman of Alceco. “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 ingredients needs.”
Sheryl Wallace, president of Cargill North America Grain, said Cargill is "certain (Alceco's) ownership will provide long-term value to local farmers in the area and the ongoing relationship with Cargill."
Troy Upah, CEO of Ag Partners says 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," he says.
Ag Partners provides products, services, and market access in the areas of grain, agronomy, feed, and petroleum.
