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Kurt Cole faced a dilemma seven years ago. He needed to expand his east-central Alberta farm but didn’t have the cash to do it. Three of his five daughters and their families wanted to move back home, and he had an opportunity to double his acreage by acquiring a cousin’s nearby land.
The $7-million price tag was hefty, and a mortgage would have been crushing – an all-too-common worry among farmers. After a year of studying options, he settled on an unusual private-equity firm that invests solely in farm operations. Area One Farms, led by chief executive Joelle Faulkner, invests alongside farmers and helps them expand and build up more sustainable operations. So far, it’s worked out.