United Farmers of Alberta buys stake in Canterra Seeds

United Farmers of Alberta (UFA) has announced it has purchased nearly 1.3 million shares in Winnipeg-based Canterra Seeds.

The $2.5 million deal represents a 17 per cent stake in the company’s common shares.

“Over the last several years UFA has demonstrated strong results and built a balance sheet that will enable continued investment in western Canadian agriculture that benefits our member-owners,” said UFA president and CEO Scott Bolton in a news release.

Bolton has been appointed to Canterra’s board of directors.

The purchase won’t affect day-to-day operations or the seed varieties available at UFA, the release said.

“Our board of directors understands the unique challenges faced by farmers and ranchers, and this announcement demonstrates our commitment to the long-term vitality of member-owners,” said UFA board chair Kevin Hoppins.

UFA is an Alberta-based agricultural co-operative that owns farm and ranch supply stores and petroleum locations in Alberta, Saskatchewan and B.C. It has more than 120,000 members.