Millsboro-based Mountaire Farms signed a letter of intent with Nagel Farm Service to purchase three grain elevators on the Eastern Shore of Maryland.
The sites in Preston, Cordova, and Wye Mills serve farmers on the Mid-Shore. Nagel Farm Service will retain its trucking, hardware, and crop insurance businesses.
“Our intention is to operate these facilities with the same level of exceptional service that local farmers have come to expect from Nagel Farms,” said Rex Holstein, vice president of Agri-Business for Mountaire Farms. “At Mountaire, we are a family-owned company just like the Nagels, and we share similar values. We appreciate how they’ve managed their business through the years, and we can’t wait to continue that legacy.”
Over the coming weeks, subject to due diligence, Mountaire will complete the purchase and work with employees on transitioning their employment, benefits, and seniority to Mountaire, a release stated.
Mountaire currently owns nine-grain elevators on Delmarva and three feed mills.
“The Nagel family and our team of trusted employees will continue to work together serving the farm community with the same level of care we have for nearly 80 years. We are proud of the strong bond we have with our loyal customers and look forward to improving these relationships through unparalleled service. Mountaire as an organization is an excellent fit with Nagel Farm Service as we both operate from two critical principles: 1) prioritizing faith and 2) providing exceptional service to the farmer,” the sellers stated.
Mountaire is based in Delaware and is owned by an Arkansas family. The company has chicken processing plants and other sites in Delmarva, Arkansas and North Carolina.
While the company’s more recent expansion has taken place in North Carolina, it has been acquiring grain sites in the region.