Indiana-based agriculture and energy cooperatives Ceres Solutions Cooperative, Inc. and Co-Alliance Cooperative, Inc., announced Wednesday that both boards and memberships have overwhelmingly approved the merger. The effective date of the merger is March 1, 2024, and the company will be named Keystone Cooperative, Inc. This merger creates a farmer-owned cooperative focused on delivering an unmatched customer experience, with the resources needed to support farmer-owners as they grow into the future.
Keystone Cooperative will serve customers in Indiana, Ohio, Michigan, and Illinois. It will have four core divisions, including Energy, Agronomy, Grain, and Swine & Animal Nutrition. Keystone will employ over 1,700 dedicated team members throughout the states served, with an expected annual revenue of $3 billion.
The boards have chosen Kevin Still, current President and CEO of Co-Alliance, to be the President and CEO of Keystone Cooperative. Ceres Solutions current CEO Jeff Troike will become the Executive Vice President of Keystone Cooperative, Inc. alongside Co-Alliance’s current Executive Vice President, Scott Logue.
“Keystone Cooperative brings together two financially strong, legacy-rich, and highly successful cooperatives. This historic merger creates a cooperative that is equipped to navigate the ever-changing markets of today’s agriculture and energy industries,” said Kevin Still. “This powerful combination will build a cooperative that maximizes efficiencies, capitalizes on technology, and has the resources to enhance our customer experience while preparing for the needs of our future stakeholders,” concluded Still.
“Our membership has recognized the value of this combination, and we are looking forward to achieving our promise of a cooperative that is focused on the success of our members, the vitality of our rural communities, and providing an unparallelled return for our farmer-owners,” Jeff Troike added.
This merger announcement comes after a thorough due diligence process and the collaborative joint venture, Endeavor Ag & Energy, which serves Central Michigan in agronomy, propane and feed.
Rick Brubaker, Chairman of Ceres Board of Directors underscored the value of the merger, saying, “Our successful partnership with the Endeavor business in Michigan helped exhibit the collaborative capacity of our organizations. We look forward to seeing this team find even more synergies with our broader businesses.”
Tim Burke, Chairman of Co-Alliance Board of Directors affirmed the merger opportunity, stating, “This merger is a testament to our shared vision and unwavering commitment to delivering exceptional value to our customers. Together we will create a stronger, more resilient cooperative that will remain successful for our future generations.”
Keystone Cooperative will be headquartered in Indianapolis, Indiana.