MINNEAPOLIS, MINNESOTA, US — Ceres Global Ag announced June 3 that its wholly owned subsidiary, Riverland Ag Corp., has completed the purchase of Columbia Grain International’s 50% membership interest in Berthold Farmers Elevator, LLC (BFE).
BFE is based in Berthold, North Dakota, US, with grain origination and merchandising locations in Berthold and Carpio, North Dakota, US.
Although financial terms of the transaction were not disclosed, in Ceres’ March announcement of its intent to purchase, Ceres said Riverland would pay cash for the investment, coming from working capital and available debt capacity. The other 50% membership interest in BFE is owned by Berthold Farmers Elevator Co. (BFEC), a farmer cooperative also based in Berthold.
Ceres Global, together with its affiliated companies, operates 13 locations across Saskatchewan, Manitoba and Ontario in Canada, and Minnesota, US. These facilities have an aggregate grain and oilseed storage capacity of approximately 32 million bushels.
Established in 2002, BFE provides grain merchandising and storage services to over 300 BFEC patrons and other growers across a four-county area in North Dakota.