August 17, 2012
Advantage Capital Partners puts US$10 million in Owensboro Grain Company
A leading venture capital and small business finance firm, Advance Capital Partners, has invested US$10 million in Owensboro Grain Company, a soy product and edible oil producer.
The funds, raised in connection with the Kentucky New Markets Development programme, will allow the company to expand its operations to include a glycerin refinery plant. The construction of this new facility will bring 10 new permanent jobs to the area and will create approximately 40 construction jobs.
"I am excited about Owensboro Grain's future in Kentucky," said Jeff Erb, CFO of Owensboro Grain Company. "We are now in the fifth generation of family ownership, and we continue to look for opportunities to expand. The Kentucky New Markets Development programme is the kind of incentive that shows Kentucky's commitment to existing as well as new businesses."
Owensboro Grain produces a vast array of products from soy including meal, hull pellets, oil and lecithin for human and animal consumption. The addition of a glycerin refinery plant will allow Owensboro Grain to expand its offerings as well as utilise the full potential of local agriculture in a green energy initiative.
"We are delighted to partner with Owensboro Grain," said Philip Marshall, principal at Advantage Capital. "The Kentucky New Markets Development programme played a vital role in the financing of this project, and it has enabled Owensboro Grain to continue to make a positive impact in the state. Advantage Capital Partners is looking to fund additional opportunities like this one, here in Kentucky and elsewhere."
Kentucky area legislators applaud the investment. "I am delighted to see the Kentucky New Markets Development programme hard at work in Owensboro," said Representative Tommy Thompson, Majority House Whip (D-14). "We are committed to creating new jobs in Kentucky, and this financing for Owensboro Grain is a welcome step in the right direction."