Pinnacle Asset Management-Backed Viserion Grain To Acquire 11 Grain Elevator Facilities From Zen-Noh Grain Corporation

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Apr 01, 2021, 17:00 ET

BOULDER, Colo., April 1, 2021 /PRNewswire/ -- Viserion Grain, LLC ("Viserion"), a newly formed subsidiary of Viserion International Holdco, LLC backed by Pinnacle Asset Management, L.P. ("Pinnacle"), today announced that it has entered into a definitive agreement to acquire 11 grain elevator facilities from Zen-Noh Grain Corporation ("ZGC"). ZGC is divesting the facilities in conjunction with its proposed acquisition of multiple grain elevators from Bunge.

Located across five states along the Mississippi and Ohio Rivers, the grain elevators have a total storage capacity of approximately 25MBu and are well-positioned to provide competitive services for farmers and grain dealers. The facilities being acquired by Viserion are located in Huffman, Arkansas; Osceola, Arkansas (Riverside and Landside); Helena, Arkansas; McGregor, Iowa; Savanna, Illinois; Shawneetown, Illinois; Lake Providence, Louisiana; Lettsworth, Louisiana; Caruthersville, Missouri; and Cottonwood Point, Missouri.

"These facilities located across major inland U.S. waterways are integral to expanding our agricultural trading platform and grain handling capabilities," said Aaron Wiegand, Chief Executive Officer of Viserion International. "We believe that the addition of these assets will accelerate our growth and provide a strong foundation to market grain and oilseeds directly to domestic customers and exporters."

Jason M. Kellman, Managing Partner and Chief Investment Officer of Pinnacle, added, "These facilities fit squarely into our growing physical commodities portfolio and expand our ability to participate in the grain and oilseeds supply chain directly. Moreover, we will leverage the strategic assets to complement Viserion's domestic trading operations. We look forward to working closely with Aaron and his dedicated team of industry experts as we further strengthen our business."

The transaction is subject to regulatory approval and is contingent upon the closing of the ZGC's previously announced acquisition of Bunge's facilities. Both transactions are expected to close in late-Spring 2021.

Over the past five years, Pinnacle-managed entities have made several strategic investments to bolster Pinnacle's physical commodities trading and merchanting business, including owning Five Rivers Cattle Feeding, the world's largest cattle feeding operation and Six One Commodities, a global energy merchant, as well as being the majority shareholder of Concord Resources Holdings Limited, a global metals merchant.

About Viserion Grain, LLC
Viserion International Holdco, LLC ("Viserion International") is a global agricultural merchant based in Boulder, Colorado. Viserion Grain, LLC, a subsidiary of Viserion International, is expected to manage a portfolio of strategic grain storage and handling facilities.

About Pinnacle Asset Management, L.P.
Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $3.2 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return strategies and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.

About Zen-Noh Grain Corporation
Zen-Noh Grain Corporation is the US Subsidiary of the National Federation of Agricultural Cooperative Associations of Japan, Zen-Noh. ZGC trades and exports corn, soybeans, sorghum, wheat, and byproducts from its state-of-the-art export Elevator located at mile 164 on the Mississippi River in Convent, LA to Japan and other global markets. ZGC also has grain origination interests in Canada and Brazil, and a forage processing business in Pasco, WA. To learn more, visit www.zgcusa.com.

SOURCE Pinnacle Asset Management