A proposal to bring together two groups of central Alberta crop input retailers has been called off without closing a deal.
Crop Management Network (CMN) said Friday the conditional deal it announced in March to buy Performance Ag Group won’t proceed.
CMN, a joint venture between an employee-owned network of retail outlets and La Coop federee’s Agrico Canada arm, operates sites at Edberg, Camrose, Daysland, Fort Saskatchewan, Holden, Vegreville and Stettler, plus a distribution and delivery firm, Sjogren Logistics.
Performance Ag, which itself took on a new ownership team in 2017, operates an outlet just south of Evansburg, about 45 km south of Mayerthorpe, and, since April last year, a second outlet east of Calmar, about 15 km west of Leduc.
“As both parties worked through the usual processes involved in transactions of this nature, it became apparent that the deal for CMN to acquire the assets of Performance Ag Group was not in the best interests of either company,” CMN said in a release Friday.
Expanding its retail network has been one of CMN’s stated goals since Agrico bought its 50 per cent stake in the operation in 2017. CMN said Friday it “will continue to look for growth opportunities in the future.” — Glacier FarmMedia NetworkTagged Agrico, alberta, CMN, Coop federee, Performance Ag