Team

Experienced Agribusiness Professionals

AGR Partners was founded in 2012 by partners committed to providing capital ideally suited to the food and agribusiness sector. The principals, all of whom were raised on family farms and agribusinesses, know that investing in agriculture requires a patient, partnership-based approach with company owners and management teams.

AGR’s purpose is to grow leaders and leading companies. Our team is focused on continuous learning and demonstrating the values of integrity, respect, relationship building, and good stewardship.

AGR Partners Team

Ejnar Knudsen

Managing Partner

Ejnar is AGR’s founder and Chief Executive Officer and oversees the firm’s investment strategy. He serves on the boards of several AGR portfolio companies.

Prior to founding AGR, Ejnar served as executive vice president of Western Milling, a grain and feed milling company that grew from a single site in Goshen, CA to over $1 billion in sales and is now the largest animal feed company in the Western United States. He also spent 10 years with Rabobank, in its New York office, managing a loan portfolio and venture capital investments as well as providing corporate advisory services.

Ejnar received his B.S. from Cornell University and is a CFA Charterholder. He was raised on a family dairy farm and is married with four children.

Daniel Masters

Partner

Daniel is a founding member of AGR Partners and focuses on all aspects of the firms’ activities. He serves on the boards of several AGR portfolio companies.

Prior to joining AGR, Daniel was an investment manager for a $250 million captive private equity fund within National Australia Bank and a senior associate at Hastings Funds Management, a $200 million captive private equity fund, investing growth capital in Australian mid-market businesses.

Daniel received a Bachelor of Commerce from Adelaide University. He was raised on a broad acre wheat, barley and sheep farm in South Australia. Daniel is married with three children.

Christine Taylor

Chief Financial Officer

Christine joined AGR in 2016 as the Vice President of Finance, and oversees the firm’s compliance, legal and investment research functions.

Christine brings 30 years of accounting experience and was a partner with Ernst & Young LLP, where she focused on technology and transaction services with high-growth clients.

Christine received a Post-Baccalaureate in Accounting from Portland State University and a B.A. in Economics from the University of California, Santa Cruz. Christine is married with two children.

Wesley Sand

Chief Operating Officer

Wes joined AGR Partners full time in 2017 after being a founding member of AGR’s advisory board. Wes focuses on investment underwriting and portfolio management. He serves on the boards of several AGR portfolio companies.

Wes began his career at McKinsey & Company where he advised clients in agriculture, utilities, telecommunications, and financial services. He has held corporate management positions across a range of industries including Koch Industries and as COO of Movie Gallery, Inc. Wes is a current director on the board of The Ford Family Foundation.

Wes graduated from Cornell University with a B.S. in Animal Science and attended Oxford University on a Rhodes scholarship where he received a B.A. in Philosophy, Politics, and Economics. Wes’ family has a diversified farming business in Oregon and he is married with two children.

Brock Jenkins

Principal

Brock joined AGR in 2016 and focuses on the management of new investment opportunities. He serves on the boards of several AGR portfolio companies.

Prior to joining AGR, Brock was a Senior Investment Analyst at Prudential Capital Group, investing in middle-market businesses as part of a multi-billion-dollar portfolio of privately placed senior debt, subordinated debt, and equity.

Brock graduated from the University of Illinois at Urbana-Champaign with a B.S. Finance and a B.S. in Accounting; he is also a CFA Charterholder. Brock grew up in Central Illinois in a family-owned sawmill business and is married with two children.

Spencer DePree

Principal

Spencer joined AGR in 2024 and is responsible for managing new investment opportunities and supporting the team’s investment activities.

Prior to joining AGR, Spencer spent 15 years in investment banking with Baird and, previously, with BMO Capital Markets. In those roles he advised corporate, family-owned, and private equity clients across a number of capital markets and M&A transactions within the Ag, Food, Beverage and Pet sectors. Prior to joining BMO, Spencer served in various roles including Booth Creek Management as well as within its food portfolio, Coleman Natural Foods.

Spencer received his M.B.A. from the University of Chicago’s Booth School of Business and his B.A. from Vanderbilt University. Spencer is married with three children.

Ana Vazquez

Controller

Ana joined AGR in 2024 and supports the firm’s funds operations, leveraging her extensive experience in financial accounting and operations.

Prior to AGR, Ana worked for Bank of America for 18+ years, where she held various roles, including positions in the treasury and derivatives finance groups. In March 2020, she joined the TIAA General Account team before transferring to Nuveen’s fund operations group.

Ana earned her bachelor’s degree in accounting from the University of North Carolina at Charlotte. Ana is married with two children.

Karen Whaley

Vice President of Administration

Karen is a founding member of AGR Partners and manages administrative functions across the firm.

Before AGR, Karen was an associate at Passport Capital, where she supported the team in the areas of research, fund marketing, and other activities. Previously, Karen was with Craton Capital, where she developed business procedures as their administrative manager.

Karen grew up on a dairy farm and graduated from Hardin-Simmons University with a B.A. of Business Administration. Karen is married with three children and runs a cattle feed lot operation with her husband.

Colin McElroy

Vice President

Colin joined AGR in 2019, supporting the investment activities and partnerships across the AGR portfolio.

Prior to joining AGR, Colin was at SunTrust Robinson Humphrey within the credit and portfolio management division and its food and agribusiness division, providing structured solutions to help clients realize long-term growth goals.

Colin grew up in Georgia and earned a B.S.B.A in Economics from Old Dominion University. He is married and lives in California.

Sam Mallory

Associate

Sam joined AGR in 2021, supporting the investment activities and partnerships across the AGR portfolio.

Prior to joining AGR, Sam worked for Truist Securities, where he worked in its Industrials and Services Group as an investment banking analyst. Before this, he worked as a portfolio management analyst within the Industrials Group at Truist Securities (formerly, SunTrust Robinson Humphrey), where he underwrote credit commitments and managed a portfolio across multiple sectors.

Sam earned a B.S.B.A in Finance from the University of Florida.

Kelly Kuester

Associate

Kelly joined AGR in 2023, supporting the investment activities and partnerships across the AGR portfolio.

Prior to joining AGR, Kelly worked at Carson Group, a private equity-backed wealth management firm in Omaha, where she was director of its mergers and acquisitions activities. Before this, she was part of Stifel Financial Corp in St. Louis, serving in investment banking positions with an emphasis on buy-side and sell-side transactions in the real estate sector, and a member of McCarthy Capital, a private equity firm in Omaha, supporting investment activities of the team.

Kelly earned a B.S.B.A. with majors in Finance and Marketing from the University of Nebraska. Kelly and her husband live on a sixth-generation family farm in West Point, Nebraska

Elizabeth Borba

Finance & Operations Associate

Elizabeth joined AGR Partners in 2016 and is responsible for administrative duties and office management. She brings more than 20 years of project management experience to her role.

Before AGR, Elizabeth was project controller with HDR Engineering, where she managed budgets, invoicing and accounting for more than two dozen account teams. Earlier, Elizabeth worked with Monley Cronin and Russell Ranch Development.

Elizabeth earned her bachelor’s degree from California State University, Chico.

Advisors & Operating Partners

The AGR team has developed and maintains a network of industry professionals who have extensive expertise across the agricultural sub sectors globally. Advisory Board and Operating Partners listed below.

Sharon Dauk

Sharon draws on twenty-five years of experience as an investor, board member, financial advisor, and business executive in her current role as an Executive Coach, Mentor, and Strategic Advisor to successful leaders and entrepreneurs.

Prior to establishing her coaching business, Sharon founded the investment company, Dauk/Wagner Investments, LLC, where she continues to be an active investor, advisor, and board member in early stage companies. Prior to that, Sharon held positions in the Corporate Finance Departments of both Morgan Stanley and Smith Barney, specializing in mergers and acquisitions, and real estate investing and development.

Sharon holds an M.B.A. from Cornell University and a B.S. from the University of Southern California and has completed Columbia University’s Coaching Certification Program (“C3P”), a partnership between the Columbia Business School and the Executive Education Department, where she earned the highest distinction offered. Sharon is a Member of the Advisory Council of the Entrepreneurship@Cornell Program and is a guest lecturer at Cornell University. She is a Board Member of Student Agencies, Inc., an organization that provides Cornell students with opportunities to start and manage businesses.

Sharon has been a competitive triathlete since 1981, completing over 100 races, and has also been an avid equestrian. She lives in Connecticut with her husband and business partner.

Duane “Butch” Fischer

Butch has over 40 years of experience in the agriculture sector. He is the President of Fischer Consulting Corporation and is a Director of J.D. Heiskell & Co., a leading grain, commodity trading, and livestock feed manufacturing enterprise based in Tulare, California. Butch is credited as the leading architect of J.D. Heiskell’s transformation from a small regional enterprise into a coast-to-coast operation.

Previously, Butch spent 28 years working with the Scoular Company in Omaha, Nebraska where he worked in several capacities, ultimately, as President/CEO. Butch currently serves on the Dean’s Advisory Board of the University of Nebraska at Lincoln College of Business. He served as Chairman for the National Grain and Feed Association, the California Grain and Feed board, the Transportation and Grain Merchants Association, the International Trade Ag Policy Committee, and the Ag Council of the Omaha Chamber of Commerce. In addition to serving as a Director on these boards, he has also served on the boards of the Nebraska Corn Growers Association and the Nebraska Chamber of Commerce.

Butch graduated from the University of Nebraska at Lincoln with a B.S. in Business Administration. He currently lives with his wife in Colorado.

Douglas R. Circle

Doug Circle has earned his reputation as a champion of entrepreneurial vision and implementation by setting the pace for rapid business expansion. He is known for his expertise in identifying strong growth opportunities and the ability to build and deliver long-term, transferable value to an organization’s stakeholders.

From the start of his executive career, owning Sunrise Growers for 27 years, to his present leadership of Circle Vision, LLC, Circle has established himself as the go-to-source for his industry knowledge, customer-driven performance, product marketing innovations, and bold strategies that drive huge commercial successes.

Circle is President and CEO of Circle Vision, LLC, the investment vehicle that manages his ongoing business enterprises, which include agriculture, finance, and commercial real estate.
He established Circle Vision in 2003, after the sale of Sunrise Growers. Circle Vision is a privately owned commercial real estate investment company, focusing on the acquisition, value creation and disposition of income-producing properties located in core markets in the Western United States. Over the past 15+ years, the company has demonstrated a consistent record of success with commercial and agricultural real estate transactions.

In addition to his business operations, Circle serves on several for-profit Boards of Directors, leads his family foundation, and is deeply involved in service to his church.

James Davies

James has over 35 years investment management and commercial experience. His most recent executive role was as Head of Funds Management for New Forests, where he oversaw the deployment and management of over AU$2.5 billion into forestry and agriculture assets across Australia, New Zealand, south-east Asia and the United States.

James previously held Director roles at Hastings Funds Management and Royal Bank of Scotland’s Strategic Investments Group, both of which focused on middle market private equity and subordinated debt transactions. James has served as Chairman of Sydney Airport Rail Link, Forico and Timberlink, Australia’s 3rd largest sawmilling and lumber manufacturer. He currently sits on the Boards of two Australian listed companies, New Energy Solar, which holds $1 billion of solar assets in the United States, and Eildon Capital, an Australian real estate financier.

James holds a Bachelor of Computing Science from the University of New England and an MBA from London Business School. He lives in Sydney with his wife and two children.

Jeff Nicholson

Jeff joined AGR in 2017 as an Operating Partner to focus on identifying and developing new investment opportunities. Throughout Jeff’s career, he has founded and operated companies within the food and agriculture value chain.

Most recently, Jeff was the Chief Operating Office for partner company, Vintage Wine Estates (VWE). VWE produces nearly ten million cases of wine and went public in 2021. Prior to this Jeff was the co-founder and president of Animal Supply Logistics, a preferred distribution company to independent pet supply retailers, which subsequently merged with Animal Supply Company. Before Animal Supply Logistics, Jeff co-founded Link Logistics, working alongside companies such as Starbucks to reduce procurement costs and improve distribution and transportation. In addition, Jeff has over twelve years of sales and marketing experience during his time with Ralston Purina and Pacific Cartage & Warehousing.

Jeff serves as an Advisory Board Member at BrightPet Nutrition Group and lives in Northern California with his wife.

Mark Stonacek

Mark Stonacek is a former senior executive at Cargill, one of the world’s largest private companies. Mark retired from his 32-year career in 2020 and was most recently the Enterprise CFO for Cargill’s Agricultural Supply Chain, the largest organizational unit in the company. His prior positions included; President, Grain & Oilseeds North America where he led Export Grain, Oilseed Processing, Biodiesel, and Barge Transportation related activities; President, Cargill de Mexico; Vice President, Strategy and Business Development; and various commodity merchandising and trading roles.

Mark received his B.A. in Mathematics and Economics from St. Olaf College and currently serves on the Board of the Boys and Girls Clubs of the Twin Cities. He is founder and CEO of White Pine Partners, LLC, which works with clients in the areas of strategic investment, business optimization, and risk management. Mark works with AGR Partners LLC as an Operating Partner and represents them on the Boards of Shell Rock Soy Processing and Cobalt Cattle.

Dave Hoogmoed

Dave has over 40 years of experience in the animal nutrition, animal production, and related grain sectors. He started his career at Ralston Purina and held a variety of sales, general management, operations, and executive-level positions within the company. Most recently Dave retired after 12 years as President of Purina Animal Nutrition, and EVP of Land O’ Lakes, the parent company. Dave is actively involved in projects and consulting.

Dave’s responsibilities have included various international business components in the Philippines, China, and Kenya. He has had long-term leadership of Innovation-Research and Technical implementation along with teams in the livestock and poultry business, lifestyle segments such as equine, companion species, and exotics (zoo).

Throughout his career, Dave has served on several boards including the National Grain and Feed Association where he is a former Board Chair and Exec Committee, member.

Dave graduated from Rutgers University with a B.S. in Agricultural Economics. He and his wife reside primarily in Florida.

David Berman

David joined AGR in 2017 as a Business Development Consultant with a focus on vertically integrated wineries, nut handlers, and value-added processors. He has 35 years’ experience assessing areas of risk and opportunity in the food and agriculture industry as a lender and consultant.

Prior to joining AGR, David spent 27 years at Wells Fargo Bank where he managed a nationwide team of agribusiness consultants responsible for evaluating the company business strategy and competitive landscape for the Bank’s approximately $15+ billion portfolio of agribusiness processor customers.

David received his B.S. and M.S. degrees in Agricultural and Managerial Economics from the University of California, Davis and holds a Certified General Real Estate Appraiser License in the State of California. David and his wife live in Santa Rosa, California.