(Bloomberg) -- US grains trader Scoular Co. is hunting for more acquisitions to accelerate its growth, seeing bargains in competitors facing a profit squeeze. 

Deals are part of the strategy for the century-old company to achieve its long-term goal of increasing earnings by an average 15% a year, according to Chief Executive Officer Paul Maass. Omaha, Nebraska-based Scoular, which last year made roughly $10.5 billion in sales, has acquired 12 grain handling facilities over the past three years, expanding its footprint in Kansas, Montana and Florida.

Operators of grain elevators and terminals are under increasing pressure as higher inflation and interest rates lift the cost of running those assets amid a downturn in prices for corn, soybeans and wheat. That has prompted more companies to seek to divest facilities, creating opportunities for healthier rivals. 

“There’s a lot of grain assets for sale in the grain industry today,” Maass said Tuesday on the sidelines of the National Grain and Feed Association annual convention in Orlando. “If we see assets that can really fit in our whole network, we’re gonna be thoughtful about that.”

Higher borrowing costs have also reduced competition on the deals front from private equity groups, The Andersons Inc. Chief Executive Officer Pat Bowe said last month in an interview. 

Earlier this year, privately held Scoular bought three grain handling facilities from Skyland Grain in central Kansas — a move that more than doubled its storage capacity in the region.

In addition to seeking deals, Scoular — which also produces freeze-dried pet food and food ingredients such as sweeteners and starches — is looking to capitalize on booming demand for biofuels in the US. The company is working to convert a sunflower plant in Goodland, Kansas, to crush both soybeans and canola into feedstock for renewable diesel and green jet fuel.

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