Ocean Park advises on sale of Atlantic Biodiesel to Verbio
Atlantic Biodiesel Corp. recently closed on the sale of its Canadian biodiesel plant to Verbio Diesel Canada Corp. Ocean Park acted as exclusive financial advisor to Atlantic Biodiesel on the transaction.
The purchaser is a wholly owned subsidiary of leading German bioenergy producer Verbio Vereinigte BioEnergie AG. Verbio first announced that it had entered into a purchase agreement with Atlantic Biodiesel in May and expected the transaction to close by mid-year.
Financial terms of the transaction were not disclosed. The assets include a 45 MMgy biodiesel plant, making it the second-largest operating biodiesel plant in Canada. Located near Welland, Ontario, Canada, the plant sits on approximately 16 acres of land, featuring a tank farm for feedstock, chemicals and finished product storage. The Desmet Ballestra-designed plant can also produce 4 MMgy of high-grade glycerin.
“This sale marks the 29th successful biofuels transaction for Ocean Park, which further solidifies our position as a leading advisor in the renewable fuels and chemicals industries,” said Bruce Comer, an Ocean Park managing director. “We’re proud to apply our expertise toward helping this dynamic industry through its challenges and growth.”
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