Viterra buys feed firm
Viterra subsidiary Hi-Pro Feed has bought Sunrise Feed, a livestock feed maker in Oklahoma, for an undisclosed amount.
Sunrise manufactures livestock and pet feed for markets in Oklahoma, Texas, Kansas and New Mexico, the company said in a news release.
Hi-Pro Feeds, acquired through Saskatchewan Wheat Pool’s purchase of Agricore United last summer, which formed Viterra, has been a mainstay in the southwestern U.S. for more than 35 years. Hi-Pro serves more than 4,000 customers in seven western states.
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The acquisition includes a feed mill with 100,000 tons per year capacity in Cheyenne, Okla., and retail outlets in Cheyenne and Elk City, Okla.
Viterra now markets about 1.7 million tons of feed and ingredients to livestock, poultry, and dairy customers through Unifeed in Canada and Hi-Pro Feeds in the United States.
The transaction is expected to close March 3.
Viterra rates higher
Viterra’s credit rating outlook has improved, thanks to favourable conditions in grain handling and agriproduct sales and synergies following the Agricore United acquisition.
Standard and Poor’s Rating Services upgraded its outlook to positive from stable. It affirmed Viterra’s long-term corporate rating at BB, its bank loan was BBB- and senior secured notes rating was BB.
