The J.R. Simplot Co. and Pinnacle Agriculture Holdings LLC on Nov. 27 announced Simplot’s agreement to acquire all interests in Pinnacle Agriculture Enterprises LLC and subsidiaries. Both companies are privately held.
The transaction will bring together two market leaders in the distribution of agricultural crop inputs and related services, Simplot said in a news release. Financial details of the transaction, expected to close in early 2020, were not disclosed.
The combined complementary footprint of Simplot Grower Solutions and Pinnacle stores will grow to more than 200 locations across North America, with about 2,700 employees and more than 500 crop advisers. Pinnacle employs about 1,400 and serves farmers across 26 states.
Loveland, Colo.-based Pinnacle, a retail and wholesale distribution business, operates under Pinnacle Agriculture, Sanders, AgVenture Pinnacle, and Meridian Agriculture Distribution banners. Operations include seed production and sales, agricultural chemical distribution, bulk fertilizer handling, precision agriculture services and general farming merchandise.
Boise-based Simplot’s integrated portfolio includes phosphate mining, fertilizer manufacturing, farming, ranching and cattle production, food processing, food brands and other agriculture enterprises related to agriculture. It fields major operations in the U.S., Canada, Mexico, Australia, South America and China. Its products are marketed in more than 60 countries.
“We’re thrilled to welcome Pinnacle employees, customers and partners,” Simplot AgriBusiness Group President Doug Stone said. “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.”
Pinnacle President and CEO Rob Marchbank said the company completed a strategic-alternatives review that “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,” he said. “We are proud of what has been created and are eagerly looking forward to what will be created with Simplot.”