Bartlett to acquire Minnesota-based Ceres Global Ag Corp.

Bartlett, a Savage company, announced May 20 that it has signed an agreement to acquire 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 Savage President and CEO Jeff Roberts.

“We see incredible potential in combining our networks and growing in new ways with the resources that Ceres brings to our portfolio,” Roberts added. “With their great team and assets, we’ll build on our robust supply chain for our current and new customers alike.”

Bartlett said Ceres brings a network of assets and new commodities that support its 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 Bob Knief, Bartlett’s executive director.

“We’re thrilled about combining our resources to grow our networks and better serve our customers,” Knief added.

Bartlett said 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 Ceres Chairman 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,” Vanasek said. “I wholeheartedly support this transaction.”

The acquisition is subject to court, shareholder and regulatory approval, in addition to customary closing conditions.

Shareholders representing approximately 70 percent of Ceres’ outstanding shares, including VN Capital Management LLC, have entered into irrevocable “hard” voting and support agreements in favor of the acquisition.