Greenwich investment firm to acquire food, ethanol businesses
GREENWICH — Investment firm SVPGlobal announced Wednesday it is buying gluten and ethanol businesses from biofuel-andfood firm White Energy.
The acquisition will include two plants in the central Kansas city of Russell: A center billed by company officials as the country’s largest wheat-gluten manufacturing facility, and another that is an ethanol-production complex.
SVPGlobal and Plano, Texas-based White Energy did not disclose financial terms.
“As a long-term investor in White Energy, we are intimately familiar with the Russell facilities, which have a unique competitive position in the food ingredient and renewable energy markets,” Victor Khosla, SVPGlobal’s founder and chief investment officer, said in a statement. “We believe this business can be improved even further by focusing on Russell as a standalone operation.”
Russell-made food ingredients will continue to be sold under the Heartland brand name.
The Russell facilities employ about 80 people. Their daily operations will continue to be run by the same team, SVP officials said.
“We are pleased to reach an agreement with SVPGlobal to purchase White Energy’s ethanol and gluten assets in Russell,” Greg Thompson, CEO of Plano, Texas-based White Energy, said in a statement. “As a current investor, they know these facilities well and have the expertise and insight to continue moving this business forward.”
With an annual production capacity of 56 million pounds, the Russell gluten facility serves a number of markets, including baked goods, pet foods and vegetarian and vegan foods.
Capable of producing 55 million gallons annually, the Russell ethanol plant was designed to consume the starch by-products generated at the gluten plant. It is rated by the California Air Resources Board as having the lowest carbon footprint of any facility of its kind, according to company officials.
In total, SVPGlobal manages about $8 billion in assets.
SVPGlobal employs 114 employees, including 44 investment professionals. It is based at 100 W. Putnam Ave., in downtown Greenwich, and also maintains offices in London and Tokyo.