Indiana-based cooperatives Ceres Solutions Cooperative, Crawsfordsville, and Co-Alliance Cooperative Inc., Indianapolis, on Aug. 25 announced that they are pursuing a three-month comprehensive due diligence process. Once complete, they will consider various strategic options.
The two are not strangers as the move comes after years of analyzing opportunities together and the successful performance of their joint venture, Endeavor Ag & Energy, which was formed three years ago (GM Sept. 25, 2020) and serves central Michigan in the areas of agronomy, propane, and feed.
“We believe that this collaborative
effort will lead to mutual benefits for both cooperatives and their members,”
said Rick Brubaker, Chairman of Ceres Solutions’s Board of Directors. “We are
excited about the potential for growth and innovation that can emerge from this
process.”
“This represents a significant step towards a more prosperous future for our
members,” said Tim Burke, Chairman of Co-Alliance’s Board of Directors. “By
assessing our capabilities and identifying synergies, we are poised to unlock
new opportunities and enhance the services and support each cooperative
currently provides to our respective members.”
Formed in 2007 as a partnership of local farmer-owned cooperatives, Ceres has 650 team members in 35 counties across Indiana and Michigan. It has 65 locations with approximately 41 providing agronomy and/or fertilizer. Ceres added T&T Fertilizer Inc., Goshen, Ind., in 2020 (GM Feb. 7, 2020). It also completed mergers with North Central Co-op, Wabash, Ind., in 2017 (GM Aug. 18, 2017), and Falmouth Co-op in northern Michigan.
Co-Alliance is the result of the merger of five cooperatives in 2002, but its roots date back to the 1920s. Co-Alliance said it is now one of the largest, most successful agribusiness and energy marketing and supply cooperatives in the Midwest. It has some 79 locations in Indiana, Michigan and Ohio, with approximately 51 of those dealing with agronomy.