Ceres Global Ag Corp., Golden Valley, MN, announces its wholly owned subsidiary, Riverland Ag Corp., has completed the purchase of Columbia Grain International, LLC's 50% membership interest in Berthold Farmers Elevator, LLC, (BFE) a grain originator and merchandiser with locations in Berthold, ND, and Carpio, ND.
The other 50% membership interest in BFE is owned by The Berthold Farmers Elevator Co., a farmer cooperative also based in Berthold, ND.
A letter of intent announced in March noted that Riverland would pay cash for the investment, coming from working capital and available debt capacity.
"Becoming a joint venture owner with Berthold Farmers Elevator Co. advances our strategy to partner with growers and increase origination of our core products,” said Robert Day, president and CEO at Ceres, after the letter of intent was announced.
“We look forward to connecting the hundreds of growers who make up the co-op in Berthold with Ceres and Riverland’s customers and collaborating with all parties to bring solutions, starting from the farmgate and ending with consumers in the U.S. and internationally.”
