benson hill has entered into an agreement to sell the Fresh business in a two-part transaction for an aggregate purchase price of $21 million.
The sale will enable the food tech company to focus on global opportunities across the raw materials segment and meet growing demand for its soy products portfolio.
Dean Freeman, CFO of Benson Hill, commented: The sale of the Fresh business strengthens our focus and allows for more disciplined capital allocation to support our strategic growth objectives. “
“We intend to use the proceeds from the sale to fully fund our business, including debt repayment, and to supplement our previously announced plans to execute strategic initiatives,” Benson Hill said in a statement.
In December, Benson Hill completed the first part of the transaction by selling its Vero Beach, Florida facilities, real estate and packhouses to IMG Enterprises, a diversified Florida-based agribusiness for $18 million. .
Timothee Sallin, co-CEO of IMG Enterprises, said: Efficiently serve customers in the Southeastern United States. Additional farmland will allow for further crop diversification and expansion of our core products. “
During the second quarter of 2023, the remaining Fresh business will be sold to IMG Enterprises for $3 million, subject to customary adjustments pursuant to a share purchase agreement.