Summit announces $300M fund
Alden-based Summit Agricultural Group, led by Bruce Rastetter, has formed the $300 million Summit Ag Opportunities I, LLC, which will invest in five to eight ag projects. In a statement, Rastetter said the idea is to give companies a chance to keep their workers and meet their goals without selling to a larger entity. “It is evident that many agricultural business owners and entrepreneurs are seeking alternatives as it relates to succession planning and ownership transition,” said Justin Kirchhoff, Summit managing director and head of private equity. “We aim to be a trusted partner with the goal of building upon these already successful agribusinesses.” Among the potential investments could be implement operations and processing plants.