LANDMARK Operations Pty Ltd has announced that it has entered into a Memorandum of Understanding to acquire Lipp's Fertiliser and Rural Merchandise business.
The Kerang-based business was established in 1967 and has grown to become one of Australia's largest family-owned fertiliser distribution businesses.
The sale to Landmark represents the next step in a 50-year journey for the Lipp family and for the Lipp's business.
Family spokesman, Norman Lipp said he was excited to see the business continue its growth path under new ownership.
"We are pleased that Landmark has seen the enormous value of what my family have built over many years, and have the resources to continue to expand the base and deliver the outstanding service to our clients" he said.
From humble beginnings of one man and a truck, three generations of the Lipp family have built the fertiliser volumes up to 65,000 tonnes a year.
"We have always focussed on customer service, which has been the key to our success. And now, with the resources of Landmark behind the business there is no telling how much further the business can grow" Mr Lipp said.
His late farmer, Kurt began the business with the support of his wife, Vera, who has seen the business prosper with her children and their families.
The Lipp family will retain their transport, salt and gypsum businesses and family members will continue in various roles either within the business, or supporting the business under its new ownership.
Norman Lipp will remain with the business for at least a year while Landmark takes control.
Landmark is Australia's largest distributor of agricultural fertilisers and merchandise. Region director for south-east Australia, Jon White said, "The acquisition of Lipp's is a significant investment for us and represents an exciting step for our business in northern Victoria and the southern Riverina.
"Landmark is thrilled to be adding a world class fleet of fertiliser supply chain assets to our footprint in the region. Our initial priority is to ensure that the Lipp's clients continue to enjoy the quality of service they have grown to expect, while getting the team and businesses integrated".
"We are also looking forward to being able to offer application, blending and treating services to our existing customers in the region. Ultimately seeking to expand utilisation of the assets," said Mr White.
Landmark in conjunction the Lipp family and their management team will work through completion requirements in coming weeks and aim to finalise the transaction by July 31, 2018.