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GRANITE FALLS ENERGY, LLC

(GFGY)
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Granite Falls Energy, LLC agreed to acquire the remaining 49.3% stake in Heron Lake BioEnergy, LLC (OTCPK:HLBY.L) for $14 million.

03/25/2021 EDT

Granite Falls Energy, LLC (OTCPK:GFGY) agreed to acquire the remaining 49.3% stake in Heron Lake BioEnergy, LLC (OTCPK:HLBY.L) for $14 million on March 23, 2021. Under the terms of agreement, Granite Falls will acquire 38,456,283 units and will pay $0.36405 for each unit. Prior to the transaction, Granite Falls owns approximately 50.7% of Heron Lake. Granite Falls Energy, LLC will fund the transaction through a loan. The transaction will be financed by a combination of a long-term revolving loan and a term note. After the transaction, Heron Lake BioEnergy, LLC will become a wholly owned subsidiary of Granite Falls Energy, LLC. The transaction is subject to the approval by a majority of the minority Interest of Heron Lake shareholders, consent of Granite Falls lender, obtaining financing, regulatory approvals, third party approvals and merger must qualify under specific tax code. A meeting of shareholders of Heron Lake BioEnergy, LLC will be held on July 26, 2021. The Board of Directors of Granite Falls Energy, LLC unanimously approved the transaction on March 23, 2021 and the Board of Heron Lake BioEnergy, LLC unanimously approved the transaction on March 24, 2021. The Board of Directors of Heron Lake BioEnergy, LLC unanimously recommended the shareholders to vote in favour of the transaction. A special meeting of members of Heron Lake BioEnergy, LLC will be held on August 25, 2021 to approve the transaction. As of August 19, 2021, a special meeting of members of Heron Lake BioEnergy, will be held on September 23, 2021. The transaction is expected to be completed within five business days of the members of Heron Lake BioEnergy voting to adopt the agreement. Business Advisory Service, LLC acted as financial advisor and fairness opinion provider to Heron Lake BioEnergy. Christianson PLLP acted as the accountant to Heron Lake BioEnergy. West Bank acted as the exchange agent to Granite Falls Energy, LLC and Heron Lake BioEnergy. Business Advisory Service, LLC received a fee of $22,000 for providing fairness opinion.


© S&P Capital IQ 2021
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Financials (USD)
Sales 2020 165 M - -
Net income 2020 -13,3 M - -
Net Debt 2020 26,8 M - -
P/E ratio 2020 -4,15x
Yield 2020 -
Capitalization 36,7 M 36,7 M -
EV / Sales 2019 0,27x
EV / Sales 2020 0,50x
Nbr of Employees -
Free-Float 65,4%
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Managers and Directors
Jeffrey N. Oestmann Chief Executive Officer
Stacie Schuler Chief Financial Officer & Controller
Paul Enstad Chairman-Governors Board
Robin Spaude Member-Governors Board
Rodney R. Wilkison Vice Chairman-Governors Board
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