BLOOMINGTON, ILLINOIS, U.S. — GROWMARK, Inc. has reached an agreement to acquire the agronomy and energy assets of Mid-Iowa Cooperative. Financial terms of the transaction were not disclosed.
Mike Kinley, chief executive officer of Mid-Iowa Cooperative, described 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,” Kinley said.
Brent Ericson, senior vice-president of member services at GROWMARK, said the two companies also are discussing a potential joint venture that could lead to greater access to grain end-user markets.
“This agreement will provide many opportunities to give our customers significant value, both in the agronomy and energy supplies marketplace, and the grain business,” said Barry Schmidt, vice-president of retail business at GROWMARK. “We look forward to working with Mid-Iowa to continue to further this vision.”
GROWMARK is an agricultural cooperative with annual sales of $8.7 billion. The cooperative provides agronomy, energy, facility planning, and logistics products and services, as well as grain marketing and risk management services throughout North America.
Mid-Iowa was formed in 1996 with the merger of Beaman Cooperative and Conrad Cooperative. Since then, the company has expanded to 14 locations and continues to expand its geographical footprint, including the construction of a grain elevator north of Grundy Center. Mid-Iowa also has made significant investments in Sinclair Elevator and Milling companies (Parkersburg, Iowa, U.S.) and unified with East Central Iowa Cooperative (Hudson, Iowa, U.S.) in 2019. Mid-Iowa has 140 employees and annual revenues of $325 million.