Indiana-based cooperatives Ceres Solutions Cooperative Inc. and Co-Alliance Cooperative Inc. announced on Jan. 10 that the boards and members of both organizations voted overwhelmingly to approve a merger, which will combine the companies under the Keystone Cooperative Inc. name on March 1, 2024.
Keystone Cooperative will serve customers in Indiana, Ohio, Michigan, and Illinois with a workforce of more than 1,700 employees. The farmer-owned cooperative will have four core divisions – Energy, Agronomy, Grain, and Swine and Animal Nutrition – with expected annual revenue of $3 billion. The company will be headquartered in Indianapolis, Ind.
“Keystone Cooperative brings together two financially strong, legacy-rich, and highly successful cooperatives. This historic merger creates a cooperative that is equipped to navigate the ever-changing markets of today’s agriculture and energy industries,” said Kevin Still, current President and CEO of Co-Alliance, who will become President and CEO of Keystone.
“This powerful combination will build a cooperative that maximizes efficiencies, capitalizes on technology, and has the resources to enhance our customer experience while preparing for the needs of our future stakeholders,” Still said.
Co-Alliance and Ceres Solutions Cooperative announced on Nov. 29 that they had reached an agreement to pursue a merger (GM Dec. 1, 2023) following a three-month due diligence period that began in September (GM Sept. 1, 2023).
“Our membership has recognized the value of this combination, and we are looking forward to achieving our promise of a cooperative that is focused on the success of our members, the vitality of our rural communities, and providing an unparalleled return for our farmer-owners,” said Jeff Troike, current CEO of Ceres Solutions, who will serve as Executive Vice President of Keystone along with Scott Logue, Co-Alliance’s current Executive Vice President.
Based in Indianapolis, Co-Alliance is the result of the merger of five cooperatives in 2002, but its roots date back to the 1920s. The company provides agronomy, propane, fuels, grain, seed, hog production, and feed products and services from 79 locations in Indiana, Michigan, and Ohio, with approximately 51 of those dealing with agronomy.
Formed in 2007 as a partnership of local farmer-owned cooperatives, Ceres is based in Crawfordsville and has more than 750 team members in 37 counties across Indiana and Michigan. Ceres operates 65 locations with approximately 41 providing agronomy and/or fertilizer. Ceres added T&T Fertilizer Inc., Goshen, Ind., in 2020 (GM Feb. 7, 2020), and also completed mergers with North Central Co-op, Wabash, Ind., in 2017 (GM Aug. 18, 2017), and Falmouth Co-op in northern Michigan.
Ceres and Co-Alliance are already partners in Endeavor Ag & Energy, a joint venture that provides agronomy, propane, and feed services in north-central Michigan.
“Our
successful partnership with the Endeavor business in Michigan helped exhibit
the collaborative capacity of our organizations,” said Rick Brubaker, Chairman
of Ceres’ Board of Directors. “We look forward to seeing this team find even
more synergies with our broader businesses.”