Land O’ Lakes Subsidiary Buys Armor Seed
Armor Seed LLC of Jonesboro, one of the largest regional seed providers in the country, has been acquired by Winfield…
Armor Seed LLC of Jonesboro, one of the largest regional seed providers in the country, has been acquired by Winfield United, a subsidiary of Land O’ Lakes of Arden Hills, Minnesota, the company announced Friday.
Financial terms of the deal were not disclosed. In a news release, Armor Seed said it would retain its current operating structure and employees. The deal is set to be finalized by Oct. 4.
“The success of Armor Seed has been due largely to the quality of our people,” Armor Seed owner Mark Waldrip said. “I believe that will continue to be a priority in the Land O’ Lakes organization. We anticipate a smooth transition that will help ensure our farmers receive the same service they have for the last 40 years.”
The deal comes nearly a year after Waldrip, of Moro (Lee County), and his son Nathan, of Jonesboro, formed Big Creek Bancshares and struck a deal to buy Forrest City Bank from Forrest City Financial Corp. The bank, now called Armor Bank, had assets of $48 million as of June 30, 2016.
Land O’ Lakes is one of the nation’s largest agricultural cooperatives, providing an array of farm inputs to producers nationally. Armor Seed produces and distributes Armor brand soybeans, corn, and wheat for planting purposes into markets in 26 states.
Mark Waldrip is a member of the University of Arkansas board of trustees, is owner and manager of Waldrip Lands LLC, and has ownership interests in Armor Seed, East Arkansas Seeds Inc. and East Arkansas Equipment Co. Inc.
Nathan Waldrip is chief financial officer of Armor Seed. His wife Maegan is also a shareholder, as are Nathan’s sisters and their husbands: Allison and Aaron Bragg, Katie and Ethan Branscum, and Lauren and Wes Ward. (Wes Ward is the state secretary of agriculture.)
Source: Arkansas Business Land O’ Lakes Subsidiary Buys Armor Seed