Zen-Noh Grain Corporation and Viserion Grain, LLC Announce Sale and Purchase Agreement of 11 Grain Facilities
Apr 1, 2021
COVINGTON, La. - April 1, 2021 - (Newswire.com)
Zen-Noh Grain Corporation (ZGC) announced today that it has entered into an agreement with Viserion Grain, LLC (Viserion) for Viserion to acquire 11 grain facilities. These facilities are expected to be required by the U.S. Department of Justice to be divested in connection with its review of ZGC's acquisition of multiple grain facilities from Bunge, a transaction announced spring of 2020. Both transactions remain subject to clearance from the U.S. Department of Justice, and the sale to Viserion is conditioned on the closing of the Bunge acquisition. Both transactions are expected to close late spring.
The initial agreement between ZGC and Bunge included 35 operating assets. To help secure regulatory approval, eight Bunge assets (Shawneetown, IL; Huffman, AR; Osceola, AR (Riverside and Landside); Helena, AR; Lake Providence, LA; McGregor, IA; Lettsworth, LA) and three of ZGC's affiliate, Consolidated Grain and Barge Co. (CGB), assets (Caruthersville, MO; Cottonwood Point, MO; Savanna, IL) have been selected for divestiture and are pending sale to Viserion.
About Zen-Noh Grain Corporation
Zen-Noh Grain Corporation is the US Subsidiary of the National Federation of Agricultural Cooperative Associations of Japan, Zen-Noh. ZGC trades and exports corn, soybeans, sorghum, wheat, and byproducts from its state-of-the-art export elevator located at mile 164 on the Mississippi River in Convent, LA to Japan and other global markets. ZGC also has grain origination interests in Canada and Brazil, and a forage processing business in Pasco, WA. To learn more, visit www.zgcusa.com.
About CGB Enterprises, Inc.
CGB Enterprises, Inc. is headquartered in Covington, LA, and through its wholly owned subsidiary, Consolidated Grain and Barge Co., operates nearly 100 grain facilities across the Midwest. In addition to grain facilities, CGB Enterprises, Inc. has dedicated operations in logistics and transportation (CTLC), agri-finance (AGRIfinancial Services), soybean processing, producer risk management, and other related businesses. For more information on CGB Enterprises, Inc. and its family of businesses, please visit www.cgb.com.
About Viserion Grain, LLC
Viserion Grain, LLC (Viserion) is a new entity supported by management with strong experience in the grain industry. It is owned by Viserion International Holdco, LLC, a Colorado-based global agricultural merchant formed with the financial backing of Pinnacle Asset Management, L.P. (Pinnacle). Pinnacle is a $3.2bn private, New York-based alternative asset management firm. Pinnacle maintains a dedicated investment focus on global commodity markets and trading, and specific commodity-related businesses.
About Bunge Limited
At Bunge (www.bunge.com, NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world's leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they're grown to where they're consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have more than 23,000 dedicated employees working across more than 350 facilities located in more than 40 countries.
Press Release Service by Newswire.com
Original Source: Zen-Noh Grain Corporation and Viserion Grain, LLC Announce Sale and Purchase Agreement of 11 Grain Facilities
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