GREENWOOD, MISS. — Oxbow Crush LLC, a newly shaped impartial soybean processor, has acquired a soybean processing plant in Greenwood. The transaction was funded partially by a gaggle of traders, together with The Vitality and Minerals Group, Yorktown Vitality Companions XII, LP, Solaris Vitality Capital and Thoroughbred Holdings, however monetary phrases weren’t disclosed.
Oxbow mentioned the plant shall be able to processing greater than 20 million bus of soybeans per 12 months as soon as it’s operational in early 2023. The corporate plans to buy and course of soybeans and produce high-protein soybean meal and soybean hulls for animal feeds, and numerous grades of soybean oil for meals, feed and renewable fuels, together with soybean oil for the rising renewable diesel trade. As a part of the acquisition, Oxbow additionally acquired an on-site biodiesel refinery however has no intention of working the ability.
“We’re extraordinarily excited in regards to the funding, together with the chance to service the super soybean meal demand regionally in addition to the soybean oil demand regionally and within the Gulf Coast renewable fuels refining market,” mentioned Charlie Wesley, managing accomplice at Thoroughbred Holdings. “We and our monetary companions have a long time of expertise funding and constructing companies, and powerful conviction that Oxbow and this processing plant are well-positioned for fulfillment.”
Greg Piper has been named chief government officer of Oxbow, and Rick Kim has been employed as chief working officer.
Mr. Piper has greater than 30 years of expertise throughout the agricultural and vitality industries, most lately as senior adviser at CEO Purple Mountain Ventures LLC. Earlier, he was president and CEO of CP Vitality, president and CEO of Gavilon Vitality, senior vp and chief business officer at Gavilon Group, LLC, senior adviser at Acon Investments, LLC, and senior vp and CFO at Prisma Vitality Worldwide.
Mr. Kim has greater than 20 years of operational and engineering expertise in processing and materials dealing with, most lately as president of Peerless Assets Administration, LLC. He additionally has labored for Morton Salt, Paringa Assets, Arch Coal, Inc., United Coal Co., Bucyrus Worldwide, and Massey Vitality.
“The Oxbow workforce is happy to personal and modernize this vital facility that may help the agriculture economic system in Mississippi,” Mr. Piper mentioned. “Upgrades to the plant are ongoing, and we look ahead to persevering with to construct our workforce and to restarting operations in early 2023.”
Oxbow mentioned its preliminary focus is on upgrading the plant to fulfill trade requirements for security, reliability and effectivity. The upgrades additionally embody an growth to extend processing capability and enhancements to grain unloading and dealing with services.
“We’re proud to be bringing the ability again to life,” Mr. Kim mentioned. “This enterprise shall be an integral a part of the town of Greenwood and of the Delta’s agricultural neighborhood for many years to return.”
The Greenwood plant was beforehand owned by Categorical Grain Terminals, which filed for chapter in September 2001. Earlier this month a federal grand jury in Mississippi indicted John R. Coleman, former CEO of Categorical Grain Terminals, on federal and state legal costs of defrauding farmers, banks and the Mississippi Division of Agriculture.