Investment Enables Purchase of Chemical Manufacturing Assets from Prairie Catalytic
Houston, TX, (March 15, 2021) – Viridis Chemical, LLC (“Viridis Chemical”), a manufacturer of renewable chemicals, announced equity capital commitments from EIV Capital, LLC (“EIV”), an energy-focused private equity firm, and IFG Asset Management (“IFG”), a boutique investment banking advisory and asset management firm. The capital commitments were used to purchase chemical manufacturing assets in Columbus, NE, from Prairie Catalytic, LLC and fund associated capital improvements. Following completion of the expected capital improvements, the newly acquired assets will be able to produce USP ethanol and renewable ethyl acetate. The closing of its equity commitments and initial acquisition positions Viridis Chemical to become a world-class platform for investments in renewable chemicals. Viridis Chemical is led by Carl Rush and Randy Whitaker.
Carl Rush, Co-founder and Chief Executive Officer of Viridis Chemical, stated, “I am excited to lead the Viridis Chemical team as we initiate our capital projects to expand and improve our recently acquired chemical manufacturing assets in Nebraska. The plant will utilize a proprietary process to produce the only renewable Ethyl Acetate in the US, and we look forward to leveraging the IP portfolio acquired from Prairie Catalytic, LLC for other green chemical processes as well. We could not have asked for better partners than EIV and IFG to support us as we build a renewable chemicals business with entrepreneurial spirit and global reach.”
Patti Melcher, Managing Partner of EIV, said “We are pleased to partner with the Viridis leadership team to develop a renewable chemical platform. Carl and Randy bring deep experience and an entrepreneurial spirit to this exciting sector. Viridis represents EIV’s latest investment in the niche renewable sector in which our Firm has a long history of working alongside management teams to create value for investors and the communities in which they operate. Viridis Chemical provides a valuable service in producing bio based products to satisfy growing end-customer needs. The EIV team looks forward to a successful partnership.”
Turner Smith, Managing Partner of IFG Capital, stated “We are very pleased to have sourced, advised and co-invested in the Viridis transaction. We have great confidence in Carl and Randy and welcome the opportunity to collaborate with a high-quality private equity firm like EIV. Viridis is well-positioned to capitalize on the growing interest in sustainable materials and accelerating ESG trends.”
About Viridis Chemical, LLC
Headquartered in Houston, Texas, Viridis Chemical, LLC is a world-class manufacturer of renewable chemicals. We’re committed to the safe, environmentally sound, and economically viable conversion of bio-ethanol into useful products previously derived from oil or natural gas. We provide value to our customers by offering a green, domestically sourced alternative to their existing supply chain. Viridis Chemical adds purpose to our suppliers and to the economy of Nebraska by further increasing the range of usefulness of local, agriculturally derived feedstock. For more information, please visit www.viridischemical.com.
About EIV Capital, LLC
Founded in 2009, EIV Capital, LLC is a Houston-based private equity firm specializing in providing growth equity to the North American energy industry. EIV focuses on infrastructure and related service businesses with an emphasis on businesses involved in the processing, transportation, storage, or conversion of oil, natural gas, renewable fuels and refined products. The firm’s management has extensive experience leading and investing in successful companies across the energy value chain. For more information, please visit www.eivcapital.com.
About IFG Asset Management, LLC
IFG Asset Management, LLC is a boutique Investment Banking Advisory, Merchant Banking, and Asset Management platform with a focus on the private Real Assets sector including agribusiness, energy, infrastructure, building materials, natural resources, and other strategically important sectors. The Firm embodies both advisory and direct private investment expertise. For more information, please visit www.ifgcap.com.
Media Contact:
Beverly Jernigan
beverly@beverlypr.com
713-494-1733
