ProVision Partners Cooperative announced its intention to explore a merger with Premier Cooperative of Mount Horeb. Both company’s Board of Directors unanimously voted to sign a Letter of Intent for the unification.
“The potential merger is a sound plan that provides financial security for patrons’ allocated equity, significant long-term savings, efficiencies in current operations and opportunities to further expand our technology and other services for both our cooperatives’ and patrons’ operations,” said Provision Board Chairman David Brill.
“Both boards voted unanimously to pursue this opportunity,” Premier Cooperative Board Chairman Steve Burns added. “Together, we’ve identified many benefits and we look forward to working together over the next several months to finalize a plan of merger for the future of our cooperatives, the members, and employee team.”
With similar cultures and core divisions (feed, grain, agronomy, energy and retail), the two cooperatives will benefit from gaining efficiencies, improving operations and marketing, and overall profitability. The increased size and scale caused by the merger would make the co-op a preferred partner with major manufacturers. Transportation by rail, river and highway is excellent between the two cooperatives.
The potential merger comes nearly four years after ProVision Partners was formed in 2015 with the merger of Harmony Country Cooperative, Colby, and Central Wisconsin Cooperative, Stratford.
Provision has annual sales of $110 million and employs 220 people. If membership supports the new merger, the two cooperative will join on October 1, 2019 with five directors on the new board.
Premier Cooperative began in 1893 and is the oldest farm cooperative in the United States, with locations in 19 communities in west central and southwest Wisconsin. It has annual sales of $190 million and employs 380.
Find out more about ProVision Partners Cooperative at provisionpartners.coop and Premier Cooperative at premiercooperative.com.