Bartlett to acquire Ceres Global Ag Corp. in US$140M deal
The acquisition will increase Bartlett’s grain and oilseed storage capacity to about 45 million bushels.
USA – Bartlett Grain Company, part of the Savage family of companies, has announced plans to acquire fellow agribusiness Ceres Global Ag Corp. in a transaction valued at approximately US$140.1 million.
Founded in 1907 and part of the Savage family since 2018, Bartlett specializes in grain acquisition, storage, transportation, processing, and merchandising, with a strong presence as a leading US grain exporter to Mexico. Bartlett also serves the food and renewable fuel sectors through soybean processing capabilities.
Under the agreement, a newly formed entity controlled by Bartlett Grain Co. (1001239530 Ontario Inc.) will acquire all 31,141,904 outstanding common shares of Ceres Global at a cash price of US$4.50 per share.
This acquisition price represents a premium of about 153% over the May 20 closing price on the Toronto Stock Exchange and 152% over the 20-day volume-weighted average trading price as of May 16.
Ceres Global, headquartered in Golden Valley, Minnesota, is a prominent international agricultural, energy, and industrial products merchandising and supply chain company. It operates 10 facilities across Saskatchewan, Manitoba, and Minnesota, with a combined grain and oilseed storage capacity of approximately 29 million bushels.
Additionally, Ceres holds interests in three agricultural joint ventures in Minnesota and North Dakota with combined storage capacity of around 16 million bushels.
The deal, supported by shareholders representing 70% of Ceres Global’s outstanding shares, including VN Capital Management LLC, has secured irrevocable “hard” voting and support agreements.
Subject to shareholder and regulatory approvals, and customary closing conditions, the transaction is expected to finalize in late Q2 or early Q3 of 2025, after which Ceres Global will become a private company.
Commenting to the merger, Jeff Roberts, president and CEO of Savage, expressed enthusiasm about the acquisition.
“We see incredible potential in combining our networks and growing in new ways with the resources that Ceres brings to our portfolio. With their great team and assets, we’ll build on our robust supply chain for our current and new customers alike,” he said.
On his part, Jim Vanasek, chairman of Ceres Global, highlighted the strategic fit of the acquisition noting that Bartlett is a perfect fit in terms of geography, business lines and culture and will take Ceres to the next level.
“I wholeheartedly support this transaction. Bartlett’s acquisition validates Ceres’ 12-year strategy to become one of North America’s leading merchandisers of durum, oats, spring wheat, and canola,” he said.
Ceres’ joint ventures include a 50% interest in Savage Riverport LLC (partnered with Consolidated Grain and Barge Co.), Berthold Farmers Elevator LLC (with The Berthold Farmers Elevator Co.), and Farmers Grain LLC (with the Farmer’s Cooperative Grain and Seed Association).
The company also holds a 41.6% stake in Gateway Energy Terminal, a joint venture with Steel Reef Infrastructure Corp., and a 25% interest in Stewart Southern Railway Inc., a short-line railway serving southeastern Saskatchewan.
Financially, Ceres posted a net income of US$1.6 million for the quarter ending March 31, 2025, up from US$985,000 a year earlier. Revenue rose slightly to US$215 million from US$212.3 million in the prior year quarter, reflecting steady growth in its core agribusiness operations.
The acquisition will increase Bartlett’s grain and oilseed storage capacity to about 45 million bushels.
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