Affiliates of CriticalPoint Capital LLC, Manhattan, Calif., a private equity firm, reported on Dec. 21 that it completed the acquisition of substantially all of the assets of the Agway Farm Supply Distribution division from Southern States Cooperative, Richmond, Va., including the Agway brands.
The division will be rebranded as Agway Farm & Home and will continue as a wholesale product distribution company providing a vast network of farm and home retailers with their seasonal home and hardware, farm supply, lawn and garden, bird, pet, and animal health needs.
Since 1964, Agway has served a network of over 1,250 private dealers and Southern States Cooperative-owned retail locations throughout the East Coast, mainly in eleven states in the Northeast. Outside of the Southern States Cooperative-owned locations, each store is individually owned and operated and offers an extensive selection of branded and private label products uniquely chosen for each market.
“We are excited about this next chapter in Agway’s proud history, as it ensures our loyal base of long-standing customers continued access to quality products while enabling our talented team to continue doing what they do best,” said Jay Quickel, CEO of Agway Farm & Home. “We are excited to welcome CriticalPoint Capital’s strategic approach and operational expertise and look forward to partnering with them to execute our shared vision for Agway.”
“Agway has built an outstanding brand with a 56-year heritage and an extensive network of distribution centers and firmly positioned itself as a leading farm supply distributor in the Eastern United States,” said Brad Holtmeier, Partner at CPC. “We look forward to working with Agway’s deeply experienced management team to continue to build on their success through organic growth initiatives and strategic acquisitions.”
Founded in 2012, CriticalPoint Capital is an operationally-focused private equity firm specializing in corporate divestitures, companies in a state of transition, and special situations across North America. It is focused on acquiring companies in the lower-middle market with long-term value creation opportunities and with management teams that can benefit from patient capital to drive operational change and a thoughtful approach to growth.
Growmark Inc., Bloomington, Ill., assumed the wholesale agronomy and energy assets of Southern States on Sept. 1, 2020 (GM Aug. 28, 2020). Growmark now provides crop inputs, fuels, propane, and a variety of customer support and marketing services to Southern States and its member cooperatives. The deal included three terminals/warehouses in Chesapeake, Va., and Lumberton and Farmville, N.C., as well as six retail locations in Dagsboro and Laurel, Del., and Massey, Preston, Centreville, and Easton, Md.