TPG Alternative and Renewable Technologies led a more than $110 million equity and debt financing round for VitAg, a specialty fertilizer firm in Beach Island, South Carolina. As a result of the financing, TPG ART has now become the largest shareholder in VitAg.
Other participants in the round included Agro-Iron and Shrieve Chemical. Orange County Industrial Finance Authority led by Citigroup Global Markets provided a $64 million tax-exempt bond while Tennenbaum Capital Partners provided a credit facility.
According to VitAg, some of the capital will be used to build a biosolids-to-fertilizer facility in Zellwood, Florida.
CDM Constructors, a provider of construction services for water and wastewater facility projects, will build the facility, which is to produce “slow release organically-enhanced premium fertilizer.” A.J. Sackett will design the granulation and warehouse storage equipment.
On the financing, Dr. Jeffrey C. Burnham, CEO and president of VitAg, said: “We are very excited about the ability to produce a very green and sustainable fertilizer product. Enhanced efficiency fertilizers are gaining traction globally because of their increased performance and protection of the environment.”
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