Ocean Park Advises on Completed Sale of DuPont Industrial Biosciences’ Cellulosic Ethanol facility to VERBIO North America
November 20, 2018 – It was recently announced by VERBIO North America Corporation (“VNA”), the U.S. subsidiary of leading German bioenergy producer VERBIO Vereinigte BioEnergie AG (“VERBIO”), that they have completed the purchase of DuPont’s Nevada, Iowa-based cellulosic ethanol plant and a portion of its corn stover inventory. Ocean Park acted as exclusive financial advisor to DuPont on the transaction.
Financial terms of the transaction were not disclosed. The assets comprise of a 30 million gallon per year biorefinery situated on approximately 58 acres of land; plus a portion of the corn stover feedstock inventory.
“Ocean Park’s M&A expertise, especially their understanding of the advanced biofuels sector and deep industry relationships, contributed to achieving our strategic objectives,” said Robert H. Love, Senior Manager, DuPont Corporate M&A.
Following its merger with Dow in 2017, DuPont announced a strategic shift within the cellulosic biofuels market and began to seek a buyer for the biorefinery. DuPont continues to participate in the overall biofuels market through specialty offerings, including both first- and second-generation biofuel enzymes and engineered yeast solutions that improve yield and productivity for biofuel producers.
“This sale marks the twenty-seventh 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.
DuPont Industrial Biosciences, a DowDuPont Specialty Products Division business, works with customers across a wide range of industries to make products and industrial processes more efficient and sustainable. Through a unique combination of biotechnology, chemistry and material science capabilities, we advance market-driven, biobased solutions to meet the needs of a growing population, while protecting our environment for future generations. For updates about how DuPont Industrial Biosciences is helping customers deliver cost-effective products with superior performance and sustainability, follow @DuPontBiobased on Twitter, find us on LinkedIn or visit our website at biosciences.dupont.com.
VERBIO Vereinigte BioEnergie AG (VERBIO), with headquarters in Leipzig, Germany, is one of the leading independent producers and suppliers of biofuels, and is also the only large-scale producer of biodiesel, ethanol and renewable natural gas (RNG) in Europe. The company produces its highly efficient fuels using internally generated, energy efficient production processes and innovative technologies. VERBIO’s biofuels achieve CO2 reductions of up to 90 percent compared to gasoline or diesel. VERBIO delivers its products directly to European oil companies, oil trading companies, independent filling stations, freight forwarders, municipal utilities and vehicle fleets. In addition, VERBIO markets high-quality pharmaceutical glycerin for the consumer goods and cosmetics industry as well as animal feed and fertilizer, byproducts of bioethanol and RNG production. VERBIO is a management holding company and the operative business is conducted by subsidiaries in Germany, Poland, the United States and India. VERBIO shares (ISIN DE000A0JL9W6/WKN A0JL9W) have been listed in the prime standard segment of the German Frankfurt Stock Exchange since October 2006. More information can be found at www.verbio.de/en/.
VERBIO North America Corporation (VNA), with headquarters in Grand Rapids, Michigan, is developing and will own, operate and finance multiple RNG plants in the United States using VERBIO technology and financing. RNG produced by VNA will be injected into the natural gas transmission system and sold to CNG filling stations or fleets for use as transportation fuel. More information can be found at www.vnacorp.com.
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 27 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.