Yorkton business bought out by American company
The agriculture industry is always shifting, and now changes are coming to a Yorkton business.
Yorkton Distributors has been purchased by an American company called the Farmers Business Network (FBN).
“Yorkton Distributors is a great get for us, in that it’s a great market in a great agricultural community,” said Tom Staples, General Manager of Farmers Business Network Canada. “We’re here to stay in western Canada, and very excited about being part of the Canadian agricultural market.”
The Farmers Business Network was founded in California in 2015, specializing as a platform for thousands of farmers to share advanced crop data.
The company’s expansion into the Canada began in November 2017. FBN closed the deal to buy Yorkton Distributors last month, making it the first physical location for the company outside of the United States.
“Yorkton Distributors is not a small business, they’re a big, big company by themselves,” said Yorkton Chamber of Commerce Vice President Mike Stackhouse.
Stackhouse says it’s not surprising a growing company like Farmers Business Network would look to bring an established local business on board instead of entering the market themselves cold turkey as a competitor.
“If an American company came in here and tried to compete with something that was already established and built by a local person? Good luck,” Stackhouse said.
But that’s not what FBN opted to do, instead buying out a business that’s been established for over forty years.
“It’s a great opportunity for someone from outside to come in,” said Stackhouse. “Hopefully it’s run and done much the same as it’s always been done.”
Farmers Business Network says customers won’t notice much of a difference as a result of the change in ownership, apart from having the option to join the FBN.
“They can continue to do business with Yorkton Distributors like they always have,” said Staples.
The company says they have plans for further Canadian expansion in the future.