KANSAS CITY — Bartlett, a Savage company, plans to acquire fellow agribusiness Ceres Global Ag Corp. in a deal valued at approximately $140.1 million.

Under the agreement, a newly formed entity controlled by Bartlett Grain Co. (1001239530 Ontario Inc.) is slated to buy all of the issued and outstanding common shares of Ceres Global for $4.50 per share in cash. As of May 20, when the deal was announced, Ceres Global had total shares of 31,141,904. The acquisition price represents premiums of about 153% and 152%, respectively, to the closing price of Ceres Global shares on the Toronto Stock Exchange and the shares’ 20-day volume-weighted average trading price as of May 16.

Kansas City-based Bartlett said shareholders representing 70% of Ceres Global’s outstanding shares, including VN Capital Management LLC, have entered into irrevocable “hard” voting and support agreements in favor of the acquisition. The transaction is expected to close in late second or early third quarter of calendar 2025, pending shareholder and regulatory approvals and customary closing conditions. Ceres Global will become a private company once the deal is finalized.

“We’re excited to welcome the Ceres team to Bartlett,” said Jeff Roberts, who took the reins as president and chief executive officer of Savage this year. “We see incredible potential in combining our networks and growing in new ways with the resources that Ceres brings to our portfolio. With their great team and assets, we’ll build on our robust supply chain for our current and new customers alike.”

Golden Valley, Minn.-based Ceres Global is an international agricultural, energy and industrial products merchandising and supply chain company that operates 10 locations in Saskatchewan, Manitoba, and Minnesota. The facilities have an aggregate grain and oilseed storage capacity of about 29 million bus. Ceres also owns membership interests in three agricultural joint ventures in Minnesota and North Dakota that have a combined grain and oilseed storage capacity of approximately 16 million bus.

“Bartlett’s acquisition of Ceres is vindication of the strategy we set out to achieve 12 years ago, which is to build the company into one of North America’s leading merchandisers of durum, oats, spring wheat and canola,” said Jim Vanasek, chairman of Ceres Global. “I believe Bartlett is a perfect fit in terms of geography, business lines and culture and will take Ceres to the next level. I wholeheartedly support this transaction.”

Bartlett said the addition of Ceres Global will bring a network of assets and new commodities that support its business strategy, including a total grain and oilseed storage capacity of about 45 million bus. Founded in 1907, Bartlett joined the Savage family of companies in 2018. Its agribusiness focuses on the acquisition, storage, transportation, processing and merchandising of grain. A leading US exporter of grain to Mexico, Bartlett produces a wide range of flour and serves in the food and renewable fuel sector with its soybean processing capability.

“Ceres assets, relationships and values are a natural complement to the Bartlett business,” said Robert Knief, who became executive director at Bartlett earlier this year. “We’re thrilled about combining our resources to grow our networks and better serve our customers.”