Riordan Group has purchased Tasmania-based agricultural company, XLD Commodities.
XLD, established in 2009, is a trusted agribusiness which offers growers and end users a range of contracting options integrated with storage and transport services.
Both XLD and Riordan Group have worked closely together for many years.
Riordan Group manages one of Victoria’s largest grain handling and logistics programs and supports XLD through fully integrated mainland procurement across accumulation, transport, storage, bulk handling and packing.
This partnership has given XLD fast and efficient access to markets in southeast Australia, delivering significant supply chain efficiencies, cost savings and supply certainty.
As part of the acquisition, all XLD operational staff will be offered roles under the new ownership of Riordan Group.
XLD Commodities CEO, John Tuskin, will work alongside Riordan Group to ensure a smooth transition.
“This acquisition is an exciting investment for us,” said Riordan Group Managing Director, Jim Riordan.
“We are committed to building on XLD’s success and continuing the strong relationships developed with Tasmanian customers and growers.
“We have witnessed the growth of the Tasmanian grain industry as a service provider to XLD for 15 years, and this is an opportunity to be part of the community and industry development.”
As part of the handover, all existing contracts will be honoured and, under Grain Trade Australia (GTA) provisions, can be assigned to the new counterparty.
Contracts for grain purchases or sales from November onward will be established under Riordan Group in accordance with GTA terms.
“The decision to sell comes with mixed emotions; however, the time is right for the business,” Tuskin said.
“We are very proud of XLD and the relationships we have built, and this change brings opportunities for investment in Tasmania’s grain industry and expanded services for growers and customers.”
