GROWMARK acquires agronomy, energy assets of Mid-Iowa Cooperative
BLOOMINGTON, Ill. — GROWMARK and Mid-Iowa Cooperative announced an agreement for GROWMARK to acquire the agronomy and energy assets of Mid-Iowa Cooperative.
The transaction is expected to close by mid-December and is expected to leverage the companies’ strengths to serve local farmers more effectively.
Mike Kinley, Mid-Iowa Cooperative CEO hailed the agreement as a “major step forward” in providing Mid-Iowa members with critical agronomic and energy services. “Working with GROWMARK is a combination that will bring our members the best of the best in supply services and grain market access.”
Brent Ericson, GROWMARK senior vice president, member services, said the companies are also exploring a potential joint venture with Mid-Iowa Cooperative in which GROWMARK and Mid-Iowa Cooperative would collaborate to provide greater access to grain end-user markets.
Barry Schmidt, GROWMARK vice president, retail business, stated the collaborative nature of the agreement positions both companies to provide significant value to customers well into the future. “This agreement will provide many opportunities to give our customers significant value, both in the agronomy and energy supplies marketplace, and the grain business. We look forward to working with Mid-Iowa to continue to further this vision.”
“I’m excited about this partnership,” said Bob Hogle, board president of Mid-Iowa who farms near Conrad. “Ag supply businesses are changing rapidly, with consolidation at the farm level occurring faster than retail consolidation. This deal aligns two strong companies to ensure that our members get top-shelf service and long-term value.”