Savage subsidiary acquires Minnesota-based Ceres Global Ag Corp.

Savage Cos., a Midvale-based global logistics company, through its agribusiness subsidiary Bartlett, has acquired Ceres Global Ag Corp. of Golden Valley, Minnesota.

Ceres is an international agricultural, energy and industrial products merchandising and supply chain company with 10 locations in Minnesota and in Manitoba and Saskatchewan, Canada. The company also owns membership interests in three agricultural joint ventures in Minnesota and North Dakota.

Savage’s Bartlett subsidiary is focused on the acquisition, storage, transportation, processing and merchandising of grain. The company is a U.S. exporter of grain to Mexico. The company also produces flour and processes soybeans in the food and renewable fuel sectors.

“We’re excited to welcome the Ceres team to Bartlett,” said Jeff Roberts, president and CEO of Savage. “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.”

Ceres brings a network of assets and new commodities that support Bartlett’s business strategy, the company said. 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.”

“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 Chairman Jim Vanasek of Ceres. “I believe 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.”

The acquisition is subject to court, shareholder and regulatory approval, in addition to customary closing conditions. The purchase price was not disclosed.