USA — Ceres Global Ag has announced that its wholly owned subsidiary, Riverland Ag Corp., has completed the purchase of Columbia Grain International’s 50% stake in Berthold Farmers Elevator, LLC (BFE) a grain originator and merchandiser based in Berthold, North Dakota.
Robert Day, President and Chief Executive Officer at Ceres noted that by becoming a joint venture owner with Berthold Farmers Elevator Company, Ceres advances its strategy to partner with growers and increases origination of its core products.
Established in 2002, BFE provides grain merchandising and storage services to over 300 BFEC patrons and other growers across a four-county area in North Dakota.
Aaron Haaland, a member of BFE’s board, commented on the acquisition “Adding Riverland as a joint venture partner in Berthold Farmers Elevator, LLC opens new and meaningful possibilities for our growers.
With Riverland and Ceres’s expertise in managing railroad programs and providing destination market access, Berthold Farmers Elevator Co. will be well positioned to serve the needs of its growers and patrons for decades to come.”
Ceres Global Ag Corp is a global agricultural, energy and industrial products merchandising and supply chain company that sources, stores, transports and markets high-quality agricultural commodities value-added products and raw materials.
Leveraging its network of commodity logistics centers and team of industry experts, Ceres connects farmers to customers around the world.
“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,” Mr. Day said.
Together with its affiliated companies, Ceres operates 13 locations across Saskatchewan, Manitoba, Ontario, and Minnesota with an aggregate grain and oilseed storage capacity of approximately 31 million bushels.
Although financial terms of the investment were not disclosed, a letter of intent by Ceres announced in March noted that Riverland would pay for it in cash obtained from working capital and available debt capacity.
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