The boards of directors of All Points Cooperative (APC), Gothenburg, Neb., and Country Partners Cooperative (CPC), Spalding, Neb., announced that they have signed a Letter of Intent (LOI) to unify the two organizations, pending due diligence and a vote of the membership of each cooperative later this year.
By signing the LOI, which is a non-binding agreement, the cooperatives can enter the due diligence phase of the unification process when leaders from the two organizations thoroughly evaluate the many opportunities that have been identified should the unification be approved by stockholders of the two cooperatives.
The boards and management teams of both APC and CPC recommend unification to position the cooperatives for the long term while ensuring local ownership and control.
"After months of studying different options for growth, we believe unification is the best way to generate stockholder value and benefits, compete in the marketplace, and build a stronger foundation for the future, said Country Partners Cooperative Board Chair John Frey.
"This is the right time to unify APC and CPC because both cooperatives are financially strong, and we can approach the opportunity from a position of strength, added All Points Cooperative Board Chair Tim Rowe.
Member benefits include better assets, net savings, programs, customer service, and access to resources and expertise on a whole new level.
Over the next several weeks, local stockholder meetings will be held to share more information and answer members' questions. At the same time, leaders and employees from both cooperatives will conduct the due diligence phase of the process. For more information, visit www.allpoints.coop or www.countrypartnerscoop.com.