Rice Dairy LLC and Commodity Risk Management Group announced this week that they are partnering to create a single brokerage company that will service the agriculture and dairy industries under the banner of Vault Ag Holding Company LLC (Vault). The move brings together two progressive brokerage companies to escalate the overall customer experience in the form of services, products, education and technology, they said.
With both companies combining very specific customer offerings and different demographics, the combination of resources will allow the new entity to roll out one dynamic platform across the U.S.
Rice Dairy LLC is a dairy brokerage company that has provided price risk management solutions throughout the entire dairy value chain since 2002. The company is known as a pioneer and innovator in the dairy industry focused on improving risk management services with value-added solutions and cutting-edge technologies, according to the announcement.
“When I started Rice Dairy back in 2002, my vision was to arm our clients with the right tools and information for participation in a very competitive marketplace,” stated Brian Rice, principal and founder of the company. “My vision is now backed with a high level of risk management offerings. The proof of our success is found in our continued customer satisfaction. Combining forces with Commodity Risk Management Group will elevate our suite of price risk management services for years to come.”
Commodity Risk Management, owned by Mike North, is an agricultural brokerage company that specializes in price risk management services. Clients include grain and hog farmers, cattle ranchers and dairy producers. Based on a diverse platform that includes consulting, cash grain marketing and technology, the company has seen significant growth since its establishment in 2014, the announcement noted.
“Our focus at Commodity Risk Management Group has been strong in many agricultural markets,” North said. “My long-standing involvement in the dairy industry has allowed me a great relationship with Rice Dairy. We have always been friendly competitors with great respect for each other while sharing the same values and integrity. When I looked at next steps in company growth, Rice Dairy was a natural choice to partner with, as we complement each other in numerous ways.”
Under Vault, the combination will bridge Vault Technologies LLC and Commodity Risk Management Group’s customer/broker CRM system as well as their insurance agencies: Rice Dairy Risk Services LLC and Commodity Insurance Services.
“This is a very exciting combination not only for our two companies but for the agricultural and dairy industries as well,” Rice Dairy principal Peter Turk noted. “We both have focused on building platforms with outstanding personnel that provide services that the customers need and want, and though we both have strong brands in our respective sectors, we chose Vault as our banner — a signal that technology will lead the way.”
The Vault companies will have approximately 1,700 brokerage accounts, more than 450 technology users and 400 insurance clients with three partners overseeing 31 personnel. The corporate office of Vault will be based in Chicago, Ill., along with seven branch offices from the Rice Dairy/Commodity Risk Management combination located as follows: two in Illinois, two in Iowa, one in California, one in Missouri and another in Wisconsin.
“After many months of planning, we can now all focus as one unit on providing unparalleled service in the ag risk management industry.” North said. “We are all very blessed to be a part of this industry and want to thank everyone over the years who has supported both of our great organizations.”