Pinnacle Agriculture operates through Pinnacle Agriculture, Sanders, AgVenture Pinnacle, and Meridian Agriculture Distribution
Image: J.R. Simplot will acquire Pinnacle Agriculture for undisclosed amount. Photo: courtesy of Gerd Altmann from Pixabay.
US-based food and agribusiness company J.R. Simplot Company has signed an agreement to acquire agricultural retail and wholesale distribution business Pinnacle Agriculture Enterprises and its subsidiaries for an undisclosed amount.
Operating through Pinnacle Agriculture, Sanders, AgVenture Pinnacle, and Meridian Agriculture Distribution, Pinnacle Agriculture serves farmers across 26 states in the US.
Employing approximately 1,400 people, the firm operates facilities that manage seed production and sales, agricultural chemical distribution, bulk handling of fertiliser, precision agriculture services and general merchandise for farming.
Upon completion of the deal, the combined entity will be involved in the distribution of agricultural crop inputs and related services.
The combined company will employ approximately 2,700 people
The combined entity will have more than 200 locations across North America, and employ approximately 2,700 people with more than 500 crop advisors.
Simplot’s AgriBusiness Group president Doug Stone said: “We’re thrilled to welcome Pinnacle employees, customers and partners. By combining our geographic footprint and shared commitment to service, we will better serve customers in some of the most important agricultural communities in the world.
“We look forward to bringing together these complementary businesses and continuing to create value for our customers.”
Scheduled for completion in early 2020, the transaction is subject to approvals.
To ensure sustainable operations, Simplot said it continues to invest in significant resources.
Pinnacle president and CEO Rob Marchbank said: “The completion of our strategic alternatives review has created an exciting opportunity for our employees, customers and the industry with Pinnacle joining the Simplot family.
“Building upon the strong legacy foundation and our focus on being the best locally first, the combination of the two companies provides and reinforces our commitment to taking care of our customers and our employees.
“We are proud of what has been created and are eagerly looking forward to what will be created with Simplot.”
The J.R. Simplot Company has a portfolio comprising phosphate mining, fertiliser manufacturing, farming, ranching and cattle production, food processing, food brands, and other enterprises related to agriculture.
The firm has operations in the US, Canada, Mexico, Australia, South America, and China.