Newly formed Viserion Grain to acquire 11 grain elevator facilities from Zen-Noh Grain Corp

Date:04-05-2021

Viserion Grain, LLC ("Viserion"), a newly formed subsidiary of Viserion International Holdco, LLC backed by Pinnacle Asset Management, L.P. ("Pinnacle"), announced that it has entered into a definitive agreement to acquire 11 grain elevator facilities from Zen-Noh Grain Corporation ("ZGC"). ZGC is divesting the facilities in conjunction with its proposed acquisition of multiple grain elevators from Bunge.

Located across five states along the Mississippi and Ohio Rivers, the grain elevators have a total storage capacity of approximately 25MBu and are well-positioned to provide competitive services for farmers and grain dealers. The facilities being acquired by Viserion are located in Huffman, Arkansas; Osceola, Arkansas (Riverside and Landside); Helena, Arkansas; McGregor, Iowa; Savanna, Illinois; Shawneetown, Illinois; Lake Providence, Louisiana; Lettsworth, Louisiana; Caruthersville, Missouri; and Cottonwood Point, Missouri.

"These facilities located across major inland U.S. waterways are integral to expanding our agricultural trading platform and grain handling capabilities," said Aaron Wiegand, Chief Executive Officer of Viserion International. "We believe that the addition of these assets will accelerate our growth and provide a strong foundation to market grain and oilseeds directly to domestic customers and exporters."

Jason M. Kellman, Managing Partner and Chief Investment Officer of Pinnacle, added, "These facilities fit squarely into our growing physical commodities portfolio and expand our ability to participate in the grain and oilseeds supply chain directly. Moreover, we will leverage the strategic assets to complement Viserion's domestic trading operations. We look forward to working closely with Aaron and his dedicated team of industry experts as we further strengthen our business."

The transaction is subject to regulatory approval and is contingent upon the closing of the ZGC's previously announced acquisition of Bunge's facilities. Both transactions are expected to close in late-Spring 2021.

Over the past five years, Pinnacle-managed entities have made several strategic investments to bolster Pinnacle's physical commodities trading and merchanting business, including owning Five Rivers Cattle Feeding, the world's largest cattle feeding operation and Six One Commodities, a global energy merchant, as well as being the majority shareholder of Concord Resources Holdings Limited, a global metals merchant.