Boulder, CO — Viserion Grain, LLC, a newly formed subsidiary of Viserion International Holdco, LLC, backed by Pinnacle Asset Management, L.P. ("Pinnacle"), said it has succesfully completed its acquisition of certain grain elevator facilities from Zen-Noh Grain Corporation, according to a Viserion news release.
The transaction was announced in April 2021 and was contingent upon the completion of ZGC's acquisition of multiple grain elevators from Bunge.
The addition of these facilities, which are located across five states, including Arkansas, Iowa, Illinois, Louisiana, and Missouri, will accelerate Viserion's growth in the agricultural trading market and provide domestic customers and exporters with more efficient grain and oilseed handling and distribution capabilities.
Combined, the elevators have a total storage capacity of approximately 25 million bushels.
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"We are very pleased to reach today's milestone, which will significantly bolster our presence in the U.S. grain market," said Aaron Wiegand, CEO of Viserion.
"These assets will allow us to provide farmers with competitive access to global export markets."
"We've seen substantial growth in grain and oilseed production over the last few years, and this acquisition allows Viserion to participate in a crucial market," said Jason M. Kellman, managing partner and chief investment officer of Pinnacle.
"These facilities will not only help Viserion build their agricultural trading platform and improve their grain handling capabilities, but also complement their strong domestic trading operations.
"We are excited to work with Aaron and his team to continue to position Viserion as a leader in the global agricultural space."
Over the past six years, Pinnacle-managed entities have made several strategic investments to bolster Pinnacle's physical commodities trading and merchanting business, including acquiring Five Rivers Cattle Feeding, the world's largest cattle feeding operation, and backing Six One Commodities, a global energy merchant, as well as being the majority shareholder of Concord Resources Holdings Limited, a global metals merchant formed in 2015 with a team of former Noble Group executives.
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