The Mennel Milling Company has entered into a tentative agreement with Keynes Brothers Inc. to acquire the Logan, Ohio based company.
The transfer of ownership and operation of Keynes Brothers’ assets is slated to become final May 22, 2018.
As part of the merger, Mennel will expand its footprint in southern Ohio with the addition of a flour mill in Logan, OH; and three country elevators in Atlanta, OH, Jeffersonville, OH and Radnor, OH; with a fourth elevator to become part of Mennel’s Valley Grain elevator in Kingston, OH. The deal also includes much of the company’s transportation division.
"After we became aware of their decision to sell their milling, grain and transportation operations, we inquired about a potential merger/acquisition," said Ford Mennel, Fifth-Generation President, The Mennel Milling Company.
"We are grateful for the opportunity to partner with the Keynes family and their team moving forward. The entire Keynes Borthers team should be commended for the exceptional stewardship of the company."
Like Mennel, Keynes Brothers Inc. is comprised of five generations of family leadership as well as more than a century’s worth of flour milling experience.
Together, Mennel plans to expand flour production and improve access to high-quality products for their customers.
"It was after thoughtful consideration, we made the tough yet strategic decision to sell Keynes Brothers to Mennel. We feel confident that they will provide a seamless transition for those impacted," said Bill Keynes Jr., Keynes Brothers Inc.
"Our family has maintained a long-time relationship with the Mennel family, which made them a natural choice for this transaction.
"We know they will make best use of our facilities as it fits into the company's footprint and mission to take care of its people."
Mennel is working with Keynes to hire members of their team to fill approximately 50 area positions.
"We're truly excited to welcome Keynes Brothers to the Mennel family," said Ford Mennel.
"With the resources of our growing company and the added experience of the Keynes team, we believe we can continue to Keynes legacy in the industry and remain a pillar in the community for many years to come."