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Co-Alliance, Ceres announce merger as Keystone Cooperative Inc.
Indiana-based agriculture and energy cooperatives Ceres Solutions Cooperative Inc. and Co-Alliance Cooperative Inc. announced Wednesday that both boards and memberships have overwhelmingly approved the merger of the two cooperatives.
The effective date of the merger is March 1, and the company will be named Keystone Cooperative Inc. This merger creates a farmer-owned cooperative focused on delivering an unmatched customer experience, with the resources needed to support farmer-owners as they grow into the future.
Co-Alliance and Ceres initially announced an agreement to pursue the merger in November.
Keystone Cooperative will serve customers in Indiana, Ohio, Michigan and Illinois. It will have four core divisions, which include Energy, Agronomy, Grain, and Swine and Animal Nutrition. Keystone will employ more than 1,700 dedicated team members throughout the states served, with expected annual revenue of $3 billion.
The boards have chosen Kevin Still, current president and CEO of Co-Alliance, to serve in the same roles for Keystone Cooperative. Current Ceres Solutions CEO Jeff Troike will become the executive vice president of Keystone Cooperative, alongside current Co-Alliance Executive Vice President, Scott Logue.
“Keystone Cooperative brings together two financially strong, legacy-rich and highly successful cooperatives. This historic merger creates a cooperative that is equipped to navigate the ever-changing markets of today’s agriculture and energy industries,” Still said. “This powerful combination will build a cooperative that maximizes efficiencies, capitalizes on technology and has the resources to enhance our customer experience while preparing for the needs of our future stakeholders.”
“Our membership has recognized the value of this combination, and we are looking forward to achieving our promise of a cooperative that is focused on the success of our members, the vitality of our rural communities, and providing an unparalleled return for our farmer-owners,” Troike added.
This merger announcement comes after a thorough due diligence process and the collaborative joint venture, Endeavor Ag & Energy, which serves Central Michigan in agronomy, propane and feed.
Rick Brubaker, chairman of the Ceres board of directors underscored the value of the merger, saying, “Our successful partnership with the Endeavor business in Michigan helped exhibit the collaborative capacity of our organizations. We look forward to seeing this team find even more synergies with our broader businesses.”
Tim Burke, chairman of Co-Alliance Board of Directors affirmed the merger opportunity, stating, “This merger is a testament to our shared vision and unwavering commitment to delivering exceptional value to our customers. Together we will create a stronger, more resilient cooperative that will remain successful for our future generations.”
Keystone Cooperative will be headquartered in Indianapolis.
Co-Alliance Cooperative Inc. is a member-owned supply and marketing operation delivering innovative solutions for farmer-members and customers across Indiana, Ohio and Michigan specializing in agronomy, propane, fuels, grain, seed, hog production and feed. The customer-focused company strives to deliver on its collective mission to lead with people and technology, grow profitably, give back locally and remember its cooperative roots.
Ceres Solutions Cooperative Inc. is a 100-percent farmer-owned local cooperative headquartered in Crawfordsville that serves customers across 37 counties in Indiana and Michigan. The business strives to build long-term relationships and add value through a comprehensive line of energy, agronomy, seed and feed products and services. More than 750 experienced Ceres Solutions team members are focused daily on delivering service, stewardship and innovation to earn and keep customer trust.