Mid Iowa Cooperative acquires stake in Sinclair Elevator

by Eric Schroeder
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BEAMAN, IOWA, U.S. — Mid Iowa Cooperative has reached an agreement to acquire a minority equity stake in a number of affiliated companies known collectively as Sinclair Elevator LLC.  Under terms of the agreement, Mid Iowa will acquire Sinclair’s grain, feed and crop chemical business near Parkersburg, Iowa, U.S., with the right to purchase additional equity in Sinclair.

“Sinclair Elevator has been a high performing company for decades and it’s an honor to be in partnership with folks who know how to add value to their customers,” said Mike Kinley, chief executive officer of Mid Iowa. “They have top notch personnel and facilities there and are located in a very complimentary fashion to our asset base. The opportunities for both companies to grow together are tremendous.”

Sinclair Elevator has been owned by Roger Baker since 1979. The company survived a tornado in 2008 that almost completely destroyed the grain elevator, agronomy services and feed mill. The company rebuilt, expanding its grain and milling assets. Now, Sinclair has one of the largest modern feed mills in the state of Iowa with the capability to produce 750,000 tonnes of feed per year and grain storage of more than 2.3 million bushels.

“I’ve known about Mid Iowa for a number of years and they have a reputation for building and maintaining first class grain facilities,” Baker said.

One such facility is a large modern grain elevator that Mid Iowa built near Grundy Center, on the northern flank of Mid Iowa’s territory, which is centered around Beaman and Conrad, Iowa, U.S. That elevator is scheduled to be completed and ready for the upcoming 2018 harvest, the company said.

“Once I heard about that new elevator I got to thinking about what it could do for our feed customers and the producers we buy grain from…It’s all about being competitive,” Baker said.

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