CriticalPoint Capital has acquired the farm supply distribution unit from Southern States Cooperative, a farm supply retail and service cooperative. No financial terms were disclosed. The division will be rebranded as Agway Farm & Home.
MANHATTAN BEACH, Calif., Dec. 21, 2020 /PRNewswire/ — Affiliates of CriticalPoint Capital, LLC (“CriticalPoint Capital” or “CPC”) announced today it has completed the acquisition of substantially all of the assets of the Farm Supply Distribution division from Southern States Cooperative, one of the largest farm supply retail and service cooperatives in the United States. The division will be rebranded as Agway Farm & Home (“Agway” or the “Company”) and will continue to nurture its deep agricultural roots as a wholesale product distribution company providing a vast network of farm and home retailers with their seasonal home and hardware, farm supply, lawn and garden, bird, pet and animal health needs.
Since 1964, Agway has served a network of over 1,250 private dealers and Southern States Cooperative-owned retail locations throughout the East Coast. Outside of the Southern States Cooperative-owned locations, each store is individually owned and operated and offers an extensive selection of branded and private label products uniquely chosen for each market.
“We are excited about this next chapter in Agway’s proud history, as it ensures our loyal base of long-standing customers continued access to quality products while enabling our talented team to continue doing what they do best,” said Jay Quickel, CEO of Agway Farm & Home. “We are excited to welcome CriticalPoint Capital’s strategic approach and operational expertise and look forward to partnering with them to execute our shared vision for Agway.”
“Agway has built an outstanding brand with a 56-year heritage and an extensive network of distribution centers and firmly positioned itself as a leading farm supply distributor in the Eastern United States,” said Brad Holtmeier, Partner at CPC. “We look forward to working with Agway’s deeply experienced management team to continue to build on their success through organic growth initiatives and strategic acquisitions.”
The transaction represents CPC’s third completed acquisition in the last two months. In October, CPC announced the acquisition of Shoes.com from Walmart and AECOM’s Power Construction division.
ABOUT CRITICALPOINT CAPITAL
Founded in 2012, CriticalPoint Capital is a private investment firm based in Manhattan Beach, CA. The firm is focused on acquiring companies with long-term value creation opportunities and partnering with management teams that can benefit from patient capital and a thoughtful approach to growth. CPC’s portfolio is composed of investments across a wide variety of industries and the firm looks to grow through additional platform and add-on acquisitions.
ABOUT AGWAY FARM & HOME
Agway formed as a farmer-owned cooperative in 1964 to serve the agricultural needs of the Northeast. Today, Agway Farm & Home is a leading wholesale product distribution company serving a network of private dealers. Agway stores carry a variety of products including lawn and garden, wild bird seed and supplies, pet products and farm supplies.