Ocean Park Advises Virent on Sale to Tesoro
October 5, 2016 – Virent, Inc. (“Virent”) announced that it has closed on its strategic sale to Tesoro Corporation (“Tesoro”). Ocean Park acted as exclusive financial advisor to Virent.
The acquisition will support the scale up and commercialization of Virent’s BioForming® technology for the production of low carbon bio-based fuels and chemicals. As a result of the acquisition, Virent will become a wholly owned subsidiary of Tesoro and remain in Madison, Wisconsin.
Financial terms of the transaction were not disclosed. In addition to Virent’s current workforce which will remain in Madison, the assets include existing collaboration agreements, all licenses, a significant intellectual property portfolio and pilot and demonstration facilities.
Virent and Tesoro initiated a strategic relationship in January 2016, which now is expanded to Tesoro’s purchase of Virent.
Virent, Inc., a subsidiary of Tesoro Corporation (NYSE: TSO), is creating the low carbon chemicals and fuels the world demands using a wide range of naturally-occurring, renewable resources. Its patented technology features catalytic chemistry to convert plant-based materials into a full range of products identical to those made from petroleum, including gasoline, diesel, jet fuel, and chemicals for plastics and fibers. The products are drop-in replacements that enable full utilization of existing logistics infrastructure without blending limitations.
About Ocean Park
Ocean Park is a corporate finance advisory firm that advises on mergers and acquisitions, financings and restructurings with extensive experience in the biofuels, cleantech, food and agribusiness industries. Ocean Park has completed 22 renewable fuels M&A transactions totaling 500+ MPGY and worth more than $400M since 2006. 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.oceanparkadvisors.com.