Riordan Group has confirmed the successful acquisition of XLD Commodities to strengthen its investment in the Tasmanian grain industry.
XLD Commodities chief executive officer John Tuskin said the sale presented a “significant opportunity” for the business to flourish in a new chapter.
“The decision 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.”
The two organisations have worked closely together since XLD was established in 2009. All XLD operational staff will be offered roles under the new ownership, and Tuskin will work closely with Riordan during the transition.
Riordan Group managing director Jim Riordan said the deal will enable significant supply chain efficiencies, cost savings, and supply certainty.
“This acquisition is an exciting investment for us, we are committed to building XLD’s success and continuing the strong relationships developed with Tasmanian customers and growers,” he said.
“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.”
All existing contracts will be honoured as part of the handover under the Grain Trade Australia (GTA) provisions and can be assigned to the new counterparty. Contracts for grain purchases or sales from November onward will be established under the Riordan Group in accordance with GTA terms.
