Rice Dairy, LLC (Chicago) and Commodity Risk Management Group (Platteville, Wis.) have announced the partnership between the two businesses to create a single brokerage company that will service the agriculture and dairy industries under the banner of Vault Ag Holding Company, LLC (Vault). This exciting combination joins two progressive brokerage companies to escalate the overall customer experience in the form of services, products, education, and technology. With both companies bringing together a very specific customer offering and different demographics, the combination of resources will allow the new entity to roll out one dynamic platform across the US.
Rice Dairy, LLC is a dairy brokerage company (Brian Rice and Peter Turk, principals) 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.
“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,” states Rice, who founded 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 Group, owned by Mike North, is an agricultural brokerage company that specializes in price risk management services. Their clients include grain and hog farmers, cattle ranchers, and dairymen. Based on a diverse platform which includes consulting, cash grain marketing, and technology, the company has had tremendous growth since its establishment in 2014.
“Our focus at Commodity Risk Management Group has been strong in many agricultural markets,” says North. “My longstanding 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,” notes Turk. “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 about 1,700 brokerage accounts, over 450 technology users, and 400 insurance clients with three partners overseeing 31 personnel. The corporate office of Vault will be based in Chicago along with seven branch offices from the Rice Dairy/CRMG combination which are located as follows: two in Illinois, two in Iowa, one in California, one in Missouri and another location in Wisconsin.
North says furthermore, “After many months of planning, we can now all focus as one unit on providing unparalleled service in the ag risk management industry. 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.”
About Rice Dairy, LLC
Rice Dairy, LLC is an independent brokerage firm that provides futures, options, and OTC brokerage services as well as risk management solutions for the dairy industry. Rice Dairy, LLC is registered with the National Futures Association. Based out of Chicago and with deep roots in dairy risk management, Rice Dairy, LLC handles administrative tasks with certainty and candor, so their clients can focus on what’s important.
About Commodity Risk Management Group
Commodity Risk Management Group (CRMG) provides consulting and brokerage services to producers, handlers, and end-users of agricultural commodities as well as diversification tools to individual investors. CRMG is registered with the National Futures Association. For years, their team has championed the effort of guiding clients to capture opportunity while minimizing risk.