Key Takeaways
- Bartlett, part of Savage, has finalized its acquisition of Ceres Global Ag Corp. via a cash buyout of US$4.50 per share.
- The transaction adds approximately 45 million bushels of grain and oilseed storage capacity across 13 sites in the U.S. and Canada.
- All necessary court, shareholder, and regulatory approvals—including TSX delisting—have been secured.
- Leadership from Ceres will integrate into Bartlett to maintain operational continuity.
- The acquisition enhances Bartlett’s grain merchandising footprint and strengthens its North American supply chain infrastructure.
Bartlett’s Acquisition Finalized Following Broad Approvals
Bartlett, a Savage-owned agribusiness, has completed its acquisition of Ceres Global Ag Corp. in an all-cash transaction valued at US$140 million, or US$4.50 per share. The deal, first announced in May 2025, closed today following unanimous shareholder support, court approval, and receipt of antitrust clearance. Ceres’ common shares are expected to be delisted from the Toronto Stock Exchange after July 8.
Expanded Storage Capacity and Commodity Reach
Bartlett adds roughly 45 million bushels of storage capacity—spanning 13 grain and oilseed facilities in Minnesota, North Dakota, Manitoba, and Saskatchewan. Ceres Global Ag Corp.‘s portfolio included spring wheat, durum, oats, and canola, enhancing Bartlett’s overall merchandise offerings.
Leadership Continuity Ensures Smooth Transition
Bartlett has formed an Executive Management Committee that incorporates senior leaders from Ceres, including Phillip Murnane, Alexandre Bauche, and Arie van der Spek, to oversee integration and preserve operational expertise. Management teams from both organizations will collaborate to maintain service levels and grain trading continuity.
Strategic Fit and Future Growth For Bartlett
Jeff Roberts, President and CEO of Savage, emphasized that the move aligns with Bartlett’s strategy to enhance its agricultural business and expand grain export capabilities, particularly through its U.S.–Mexico channels. Bob Knief, Bartlett’s Executive Director, added that Ceres’ assets and culture are a natural complement to Bartlett’s existing operations.
Governance and Next Steps
Ceres shareholders representing approximately 70% of shares entered into support agreements to approve the transaction. With financial backing and legal review from Ross & Block Atty and market assessment by Blair Franklin Capital Partners, the merger is positioned for long-term success. The company is set to submit delisting and deregistration filings in Canada after transaction close.
