Ocean Park Advises on Sale of AGRON Biodiesel Plant in California
November 14, 2017 – AGRON Bioenergy, LLC closed the sale of its biodiesel plant located in Watsonville, California to Western Iowa Energy, LLC (“WIE”). Ocean Park acted as exclusive advisor to the seller.
“WIE is happy to be joining with AGRON Bioenergy to provide high quality biodiesel for California consumers,” said Bill Horan, Western Iowa Energy’s Chairman.
WIE’s President and General Manager, Brad Wilson, added, “We are excited to begin biodiesel production in California. We have been very successful in Iowa and plan to increase the value of our members’ investment with this acquisition.”
Financial terms of the transaction were not disclosed. The assets include a biodiesel refinery designed to produce 15 million gallons of biodiesel per year and patents encompassing AGRON’s centrifuge system and distillation steps to eliminate water washing in the production of biodiesel.
“This sale marks the twenty-fourth successful biofuels transaction for Ocean Park, which further solidifies our position as a leading advisor in the renewable fuels and chemicals industries,” said Mark Fisler, an Ocean Park managing director.
“WIE has been successful as an independent biodiesel producer for over a decade. Their footprint expansion into the California market shows confidence not only in their long term business model but the future of a low carbon economy,” added John Campbell, another Ocean Park managing director.
About AGRON Bioenergy
AGRON Bioenergy, a Watsonville, CA biorefinery, was originally designed as a 15 million gallons per year (“MGPY”) biodiesel plant that was founded in 2012. The plant uses continual process patented technology to dispense with water washing and produces clean distilled B100 biodiesel that meets or exceeds ASTM D-6751 specifications. Favorably located in California, the plant has the potential to take advantage of California production programs through the Lower Carbon Fuel Standard, or LCFS.
About Western Iowa Energy
Western Iowa Energy is a BQ-9000 accredited producer of biodiesel and is capable of producing 45 million gallons annually. Western Iowa Energy has the flexibility to turn multiple feedstocks into biodiesel due to the company’s specialized pre-treatment facility located in Wall Lake, Iowa. For more information, please visit www.westerniowaenergy.com.
About Ocean Park
Ocean Park is a boutique investment bank that advises on mergers and acquisitions, financings and restructurings with extensive experience in the renewable fuels, cleantech, food and agribusiness industries. Ocean Park has completed 24 renewable fuels M&A transactions since 2006. Any securities are offered through Ocean Park Securities, LLC, a member of FINRA and SIPC. Ocean Park’s professionals are licensed registered representatives of Ocean Park Securities, LLC. For more information, please visit www.oceanpk.com.