Keystone and Caledonia Farmers Elevator Agree to Pursue Merger Following Successful Due Diligence
Oct 29, 2026
Farmer-owned cooperatives Caledonia Farmers Elevator (CFE) and Keystone Cooperative, Inc. announced today that they have completed a comprehensive due diligence process and have formally agreed to pursue a merger. Following a three-month period of evaluation and analysis, the Boards of Directors of both cooperatives have unanimously approved moving forward with a member vote on the proposed merger.
The due diligence process allowed both organizations to thoroughly assess the opportunities, synergies and long-term benefits of combining their operations. Cooperative leaders determined that a merger would create greater opportunities to serve farmer-members, invest in strategic assets, enhance operational capabilities and strengthen the future of agriculture across Michigan.
“This partnership is a natural fit for two organizations that share a commitment to serving agriculture,” said Scott Logue, President and CEO of Keystone Cooperative. “Together, we will leverage the power of our cooperative advantage to strengthen our operations, invest in our future and deliver greater value to our farmer-owners, employees and Michigan communities.”
If approved by members, the combined cooperative would unite organizations with deep agricultural roots, complementary operations and a shared commitment to the success of family farms. The employee teams from both cooperatives will collaborate to identify efficiencies, share expertise and deliver an expanded portfolio of products and services to customers while maintaining a strong local presence in the communities they serve.
Joel Stoepker, CEO of Caledonia Farmers Elevator, said, “This proposed merger represents an exciting opportunity for our members and our communities. Throughout this process, we have been impressed by Keystone’s commitment to cooperative values, employee development, and long-term investment in agriculture. By joining together, we believe we can build on CFE’s strong legacy while creating new opportunities for future generations of farmers.”
Caledonia Farmers Elevator has built a strong reputation serving member farmers throughout west and central Michigan with specialized expertise, innovation and integrity. The cooperative’s operations consist of five Michigan locations, including its main location in Caledonia.
Keystone Cooperative is headquartered in Indianapolis, Indiana and serves farmer-members and customers through a network of 245 facilities across Indiana, Ohio and Michigan, providing agronomy, energy, feed, livestock and grain services. More than 1,800 employees work each day to help farm operations succeed.
Farmer-members of both cooperatives will have the opportunity to vote throughout November and at a Special Meeting on December 15, 2026.
The due diligence process allowed both organizations to thoroughly assess the opportunities, synergies and long-term benefits of combining their operations. Cooperative leaders determined that a merger would create greater opportunities to serve farmer-members, invest in strategic assets, enhance operational capabilities and strengthen the future of agriculture across Michigan.
“This partnership is a natural fit for two organizations that share a commitment to serving agriculture,” said Scott Logue, President and CEO of Keystone Cooperative. “Together, we will leverage the power of our cooperative advantage to strengthen our operations, invest in our future and deliver greater value to our farmer-owners, employees and Michigan communities.”
If approved by members, the combined cooperative would unite organizations with deep agricultural roots, complementary operations and a shared commitment to the success of family farms. The employee teams from both cooperatives will collaborate to identify efficiencies, share expertise and deliver an expanded portfolio of products and services to customers while maintaining a strong local presence in the communities they serve.
Joel Stoepker, CEO of Caledonia Farmers Elevator, said, “This proposed merger represents an exciting opportunity for our members and our communities. Throughout this process, we have been impressed by Keystone’s commitment to cooperative values, employee development, and long-term investment in agriculture. By joining together, we believe we can build on CFE’s strong legacy while creating new opportunities for future generations of farmers.”
Caledonia Farmers Elevator has built a strong reputation serving member farmers throughout west and central Michigan with specialized expertise, innovation and integrity. The cooperative’s operations consist of five Michigan locations, including its main location in Caledonia.
Keystone Cooperative is headquartered in Indianapolis, Indiana and serves farmer-members and customers through a network of 245 facilities across Indiana, Ohio and Michigan, providing agronomy, energy, feed, livestock and grain services. More than 1,800 employees work each day to help farm operations succeed.
Farmer-members of both cooperatives will have the opportunity to vote throughout November and at a Special Meeting on December 15, 2026.