Bartlett agrees to acquire Minnesota-based global agriculture company, Ceres Global Ag Corp.
Based out of Golden Valley, Minnesota, Ceres is an international agricultural, energy and industrial products merchandising and supply chain company with 10 locations in Minnesota, Manitoba and Saskatchewan. The company also owns membership interests in three agricultural joint ventures in Minnesota and North Dakota.
'We're excited to welcome the Ceres team to Bartlett,' said President and CEO of Savage Jeff Roberts. 'We see incredible potential in combining our networks and growing in new ways with the resources that Ceres brings to our portfolio. With their great team and assets, we'll build on our robust supply chain for our current and new customers alike.'
Ceres brings a network of assets and new commodities that support Bartlett's business strategy. These facilities have an aggregate grain and oilseed storage capacity of approximately 45 million bushels, including joint venture assets.
'Ceres assets, relationships and values are a natural complement to the Bartlett business,' said Bartlett's Executive Director Bob Knief. 'We're thrilled about combining our resources to grow our networks and better serve our customers.'
Ceres' leadership is equally excited for the opportunities this acquisition will bring and the additional value it will provide for their growers, suppliers and customers.
'Bartlett's acquisition of Ceres vindicates the strategy we set out to achieve 12 years ago, which is to build the company into one of North America's leading merchandisers of durum, oats, spring wheat and canola,' said Chairman of Ceres Jim Vanasek. 'I believe Bartlett is a perfect fit in terms of geography, business lines and culture, and will take Ceres to the next level. I wholeheartedly support this transaction.'
The acquisition is subject to court, shareholder and regulatory approval, in addition to customary closing conditions. Shareholders representing [70]% of Ceres' outstanding shares, including VN Capital Management, LLC, have entered into irrevocable 'hard' voting and support agreements in favor of the acquisition.
About Bartlett
Established in 1907, Bartlett joined the Savage family of companies in 2018. Its diverse agribusiness is focused on the acquisition, storage, transportation, processing and merchandising of grain. The company is a leading U.S. exporter of grain to Mexico. Bartlett produces a broad range of flour to meet its customers' needs and plays an important and growing role in the food and renewable fuel sector with its soybean processing capability.
About Savage
Established in 1946, Savage is a private company based in Midvale, Utah, that owns and operates three businesses: Savage Infrastructure, Bartlett and Texon. With more than 4,200 team members in nearly 200 locations across the U.S., Canada, Mexico and Saudi Arabia, our companies are integral to the global supply chain, helping our customers and partners feed the world and power our lives.
Lindsay Scherer Bartlett 801-438-0947 [email protected]
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