Pinnacle Agriculture Announces Review of Strategic Alternatives
Pinnacle Agriculture Holdings, LLC, a leading agricultural retailer, today announced that its Board of Managers has decided to launch a process to explore strategic alternatives for the company. The Board of Managers of Pinnacle has engaged Credit Suisse Securities (USA) LLC to lead the process, which will consider a broad range of strategic alternatives, including a potential sale of the company. The decision to launch this process follows multiple unsolicited expressions of interest in Pinnacle from several parties both within and outside of the agriculture industry.
Rob Marchbank, President and Chief Executive Officer, said, "Since Pinnacle’s inception in 2012, the company has grown into one of the five largest agriculture retailers in the United States. Supported by a legacy spanning more than six decades and nearly 20,000 customers, Pinnacle continues to be a trusted advisor to its farmer community. Over the last 18 months, we have refined Pinnacle’s operating model to ensure the company can remain agile and forward looking as the agriculture industry continues to evolve. We separated our sales and operations organizations to provide best-in-class customer service, while operating more efficiently and safely. We rapidly grew our proprietary offerings through Innvictis Crop Care, LLC and Mission Seed Solutions, LLC, which now have meaningful product and brand value with our loyal customer base. More recently, we began implementation of a well-defined strategic plan that will drive substantial value for our customers, employees and shareholders over the coming years. Pinnacle’s unwavering focus on our customers and our business fundamentals ensures we are well positioned to take advantage of opportunities for future growth. Throughout this strategic review process, we will continue to execute on our strategy and remain committed to providing exceptional value to our employees, customers and supplier partners."
There can be no assurance Pinnacle’s review of strategic alternatives will result in a sale of the company or any other strategic change. In addition, the company’s Board of Managers has not set a timetable for completion of this review. Pinnacle does not intend to comment further unless and until the Board of Managers has approved a specific course of action or has otherwise determined that further disclosures are appropriate or required.