Key Takeaways
- Bartlett, a Savage company, has entered into an agreement to acquire Ceres Global Ag Corp., expanding its grain and oilseed storage and merchandising capabilities.
- Ceres operates 10 facilities across Minnesota, Manitoba, and Saskatchewan, with a combined capacity of approximately 45 million bushels.
- The acquisition is pending shareholder, court, and regulatory approvals; 70% of Ceres shareholders have already committed support.
- Bartlett leadership highlighted the strategic alignment and network synergies the acquisition will bring.
- Ceres leadership endorsed the transaction, noting its alignment with the company’s long-term vision and values.
Bartlett Announces Agreement to Acquire Ceres Global Ag Corp.
Bartlett, a Savage company, announced today that it has signed a definitive agreement to acquire Ceres Global Ag Corp., a supply chain and merchandising company with operations in the U.S. and Canada. Headquartered in Golden Valley, Minnesota, Ceres operates 10 agricultural, energy, and industrial product facilities across Minnesota, Manitoba, and Saskatchewan.
The deal is aimed at expanding Bartlett’s network and enhancing its grain and oilseed supply chain capacity through the integration of Ceres’ assets and joint ventures. The acquisition is still subject to court, shareholder, and regulatory approvals, as well as standard closing conditions.
Ceres Global Ag Corp. Brings Strategic Infrastructure to Bartlett
With its facilities and partnerships, Ceres Global Ag Corp. contributes approximately 45 million bushels of storage capacity to Bartlett’s operations. These include membership interests in three agricultural joint ventures based in Minnesota and North Dakota, which align with Bartlett’s business focus.
“We see incredible potential in combining our networks and growing in new ways with the resources that Ceres brings to our portfolio,” said Jeff Roberts, President and CEO of Savage, the parent company of Bartlett.
The acquisition is expected to reinforce Bartlett’s capabilities across North America, enabling better service to current and new customers through enhanced logistics and commodity offerings.
Mutual Alignment of Business Strategy and Culture
Bartlett and Ceres Global Ag Corp. leadership emphasized the cultural and strategic fit of the acquisition. The two organizations share similar values and a commitment to serving growers, suppliers, and customers.
“Ceres assets, relationships and values are a natural complement to the Bartlett business,” said Bob Knief, Executive Director at Bartlett.
Ceres Chairman Jim Vanasek also expressed confidence in the partnership.
“Bartlett’s acquisition of Ceres vindicates the strategy we set out to achieve 12 years ago,” Vanasek said. “Bartlett is a perfect fit in terms of geography, business lines and culture, and will take Ceres to the next level.”
Shareholder Support and Next Steps
Shareholders representing approximately 70% of Ceres Global Ag Corp.’s outstanding shares, including VN Capital Management, LLC, have entered into irrevocable “hard” voting and support agreements in favor of the transaction.
