Mach One Corp. acquires Minnesota firm
Belgium, Wis.-based Mach One Corp. has closed on its purchase of Ceres Organic Harvest Inc. an organic grain company that supplies ingredients to the food, feed and dairy industries.
Ceres Organic Harvest, which is based in St. Paul, Minn., had 2008 revenues of approximately $20 million.
Mach One acquired 100 percent of the stock of Ceres for $8 million in a combination of common and preferred stock.
Ceres Organic Harvest. will continue its operations as a subsidiary of Mach One.
Monte Tobin, chief executive officer of Mach One, said, "This combination of resources and personnel between Mach One and Ceres Organic Harvest Inc. will position us to capitalize on the work Ceres has done over the years in delivering high quality food ingredients and animal feed products. We in turn are excited to bring to Ceres the part of our technology that pertains to supplements and additives with the goal of delivering tremendous advancement in human and animal nutrition."
Britt Eustis, CEO of Ceres, said, "Mach One offers a good platform for further growth in the sustainable food and grain sector along with an expansion of our offerings and supply lines into the organic feed industry."
