What Keystone Cooperative does

Keystone Cooperative is a 100% farmer-owned agricultural cooperative headquartered at 770 North High School Road in Indianapolis, Indiana, serving approximately 20,000 farmer-members across Indiana, Ohio, Michigan, and Illinois. Operating through four integrated divisions—agronomy, energy, grain marketing, and swine/animal nutrition—the cooperative delivers crop inputs and application services, propane and refined fuels, grain marketing and storage, and livestock production solutions through a network of 245 facilities and 200+ branch locations. The cooperative employs nearly 2,000 people and was formed in its current scale through the 2024 merger of Co-Alliance and Ceres Solutions, consolidating seven legacy cooperatives under one organization.

Technology deployment includes GPS-referenced aerial and ground application services, drone/UAV crop scouting, and grain management systems. Keystone is the 7th largest agricultural retailer in the U.S., the 13th largest propane provider nationally, Indiana's largest swine management company (managing approximately 2 million pigs), and CountryMark's largest fuel retailer. The cooperative holds leadership recognition including the 2025 Cooperative Hall of Fame induction of CEO Kevin Still and the 2025 NCFC Farmer Cooperative Director of the Year awarded to Tim Burke.

Revenue is generated through transaction-based pricing across each division—pay-as-you-go for agronomy inputs, usage-based for propane and fuels, and quote-based pricing for grain marketing—with cooperative surplus redistributed to members through patronage. In 2025, the cooperative distributed $57 million in patronage including over $46 million in cash. Membership requires a one-time $5 voting common share, and a member-elected Board of Directors governs the organization. Pricing for inputs and energy products is quote-based rather than publicly disclosed, reflecting the cooperative's member-to-member commercial model.

Name

Keystone Cooperative

Legal name

Keystone Cooperative, Inc.

Website

https://keystonecoop.com

Company type

Private

Founded year

1924

Operating status

Operating

Headcount range

251–500 employees

Short description

Keystone Cooperative is a 100% farmer-owned agricultural cooperative serving 20,000 farmer-members across Indiana, Ohio, Michigan, and Illinois with agronomy, energy, grain marketing, and swine production services through 245 facilities.

Ownership category

akta.pro rank

Product category

Agricultural Cooperative Services

NAICS

Support Activities for Agriculture and Forestry (115), Support Activities for Animal Production (11521), Petroleum Bulk Stations and Terminals (424710)

SIC

Agricultural Services (700), Wholesale-Farm Product Raw Materials (5150), Agricultural Prod-Livestock & Animal Specialties (200)

akta.pro primary industry

Farmer Cooperatives & Co-op Retail (AFABAJAB)

Keywords

• Agricultural cooperative
• Agronomy services
• Grain marketing
• Propane distribution
• Swine production

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Agronomy Products and Services: Crop nutrition, pest management, seed, and application services for farmer-members
2. Energy (Propane and Fuels): Propane, premium fuels, and lubricants to farms, municipalities, schools, and homes
3. Grain Marketing: Grain marketing services with personalized marketing strategies for family farms
4. Swine and Animal Nutrition: Swine contract finishing, feed mill operations, and animal nutrition products and services
5. Patronage Distribution: Cooperative surplus distributed back to members based on patronage volume. In 2025, Keystone distributed $57 million in patronage including more than $46 million in cash

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Keystone Cooperative is a 100% farmer-owned agricultural cooperative that supplies propane and refined fuels, agronomic inputs and application services, grain marketing and storage, and swine contract finishing and animal nutrition products to farmer-members. It serves as a one-stop agricultural platform across Indiana, Ohio, Michigan, and Illinois through 200+ physical locations, distributing surplus to members via annual patronage.

Product overview

Keystone Cooperative is a 100% farmer-owned agricultural cooperative offering a multi-divisional portfolio of products and services. The core offerings include Propane and Refined Fuel (energy division), Agronomy with crop inputs and application services, Grain marketing, Swine Production (Indiana's largest swine management company with approximately 2 million pigs), and Animal Nutrition. The cooperative operates approximately 245 facilities across Indiana, Ohio, and Michigan, serving farmer-members with integrated solutions across energy, agronomy, grain, and livestock sectors. The company is the 7th largest agricultural retailer in the U.S., CountryMark's largest fuel retailer, Indiana's largest swine management company, and the 13th largest propane provider nationwide.

Differentiator

Problem solved

Functional benefit

Brands

• SEED Program (Securing Experience & Employee Development): Full-time paid training program for high school graduates passionate about agriculture, providing hands-on experience across agronomy, energy, grain, and swine/animal nutrition divisions.
• Co-op Classic
• Keystone Escape
• Seriously Local Propane
• Co-op Community Initiative
• Charitable Foundation

Products and services

• Propane

Quantifiable outcome

• $57 million in patronage distribution to members in 2025 ($46 million+ in cash)
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Wabash Valley Power AlliancecoreStrategic or Co-development Partner · 6 October 2025Wabash Valley Power Alliance, a not-for-profit generation and transmission electric cooperative serving members in Indiana and Illinois, partnered with Keystone for a Day of Service at Gleaners Food Bank. 69 volunteers helped provide 10,896 meals during National Co-op Month.
• Land O'LakesflagshipStrategic or Co-development Partner · 4 September 2025Land O'Lakes partnered with Alabama Farmers Cooperative and GreenPoint Ag to launch AgRogue Growth Partners, an initiative to invest up to $7 million in each of 10-15 agricultural technology companies. The coalition also includes retail co-ops from Indiana, Nebraska, and Minnesota, managed by ag tech investment firm Radicle Growth. Keystone serves members in Indiana and is part of this coalition addressing low net farm income and declining agricultural research funding.
• SyngentacoreGTM or Marketing Partner · 1 April 2025Syngenta matched Keystone's $40,000 donation to the Indiana FFA Foundation with an equivalent contribution to the National FFA Foundation, amplifying impact of agricultural youth development programs.
• Land O'Lakes FoundationcoreGTM or Marketing PartnerLand O'Lakes Foundation provides matching contributions for food security donations made by member cooperatives like Keystone. Each participating food bank received an additional $1,000 contribution from the Foundation made on Keystone's behalf.
• Feeding America West MichiganminorOthersReceived $2,500 donation from Keystone to address food insecurity in Michigan communities
• Shared Harvest Food BankminorOthersReceived $2,500 donation from Keystone to support food-insecure families across Southwest Ohio
• Gleaners Food Bank of IndianaminorOthersGleaners Food Bank in Indianapolis received volunteer support from Keystone and Wabash Valley Power Alliance during Co-op Month Day of Service; 69 volunteers provided 10,896 meals
• Community Harvest Food BankminorOthersReceived 500 lbs of ground pork sausage donation for Thanksgiving distributions near Alliance Feed Mill in Fort Wayne
• Second Harvest Food BankminorOthersReceived 500 lbs of ground pork sausage donation for Thanksgiving distributions near Legacy Feed Mill in Muncie
• Food Finders Food BankminorOthersReceived 500 lbs of ground pork sausage donation for Thanksgiving distributions near Reynolds Feed Mill in Lafayette
• Cultivate Food RescueminorOthersReceived 500 lbs of ground pork sausage donation for Thanksgiving distributions serving St. Joseph, Elkhart, and Marshall Counties

Scale indicators12 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Heritage Cooperative: Ohio-based farmer-owned cooperative offering agronomy, energy, grain, and feed services — the most direct geographic and operational peer to Keystone in its core Midwest operating footprint.
• CountryMark: Indiana-based oil cooperative that supplies refined fuel to Keystone (Keystone is CountryMark's largest fuel retailer). Strategic supplier and operating peer in the regional energy distribution market Keystone competes in across Indiana.
• Premier Ag: Indiana-based farmer-owned cooperative offering agronomy, energy, grain, and swine services. Closely mirrors Keystone's geographic concentration in Indiana and shares the cooperative-ownership and integrated platform model.
• Nutrien Ag Solutions: Largest crop input retailer in North America, competing directly with Keystone in agronomy retail, application services, and precision agriculture. Investor-owned (rather than cooperative), making it a key structural comparator for governance and capital efficiency.
• CHS Inc. Largest U.S. agricultural cooperative, operating across energy (Cenex), grains, and agronomy with farmer-member ownership. Directly comparable business model and integrated platform structure to Keystone, but at materially larger national scale.
• Helena Agri-Enterprises: National distributor of crop inputs, fertilizers, and proprietary agronomy products. Direct competitor in the retail agronomy space Keystone operates in across the Midwest, with overlap in fertilizer and crop protection portfolios.
• Sunrise Cooperative: Ohio-headquartered agricultural cooperative providing crop inputs, grain marketing, energy, and feed services. Direct peer operating in overlapping Midwest geographies with a comparable multi-division structure.
• Growmark: Midwest regional cooperative offering agronomy, energy, grain, and feed products to farmer-members across Illinois, Iowa, and surrounding states. Operates the same multi-division cooperative model as Keystone with overlapping geography.
• Land O'Lakes: Major farmer-owned cooperative whose WinField United agronomy platform is a direct comparable to Keystone's agronomy division. Co-partner with Keystone in AgRogue Growth Partners, indicating close operating overlap in crop inputs and member services.

Broad incumbents

• Cargill: Largest privately held global agribusiness with overlapping grain marketing, animal nutrition, and farm input businesses. Much larger and not a cooperative, but a key competitor and counterparty in the same agricultural value chain Keystone serves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/KeystoneCoop
• YouTubeyoutube.com/channel/UCKeystoneCooperative
• Facebookfacebook.com/KeystoneCooperativeInc
• LinkedInlinkedin.com/company/keystone-cooperative

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keystone Cooperative