Benson Hill, Inc. acquired ZFS Creston LLC for approximately $100 million.
January 03, 2022
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Benson Hill, Inc. (NYSE:BHIL) acquired ZFS Creston LLC for approximately $100 million on December 29, 2021. Benson Hill secured a $100 million committed debt facility, with the potential to access an incremental $20 million. The financing was led by Avenue Capital Group, which includes the Avenue Sustainable Solutions Fund, Avenue Venture Opportunities Fund and other Avenue Global Funds. The company used $80 million of this new facility to finance the purchase price of the Creston acquisition with the remaining amount of the purchase price sourced from cash on hand of $17 million and approximately $5 million of seller financing. For the nine months ended September 30, 2021, ZFS Creston reported sales of $94.96 million, income from operations of $4.51 million, net income of $4.76 million, total assets of $51.87 million, and total stockholders' equity of $17.35 million. The transaction is accretive to Benson Hill. Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. acted as a legal advisor to Benson.
Benson Hill, Inc. (NYSE:BHIL) completed the acquisition of ZFS Creston LLC on December 29, 2021.
Benson Hill, Inc. is an ag-tech company. The Company offers CropOS, which is a product design and development platform that uses predictive breeding and other advanced tools like CRISPR gene editing technology. The Company is engaged in the sale of soybean grain, soybean oil, soybean meal, soybean flakes and soybean flour and texturized flour, sales of processed yellow peas and sales of seed, as well as technology licensing fees and royalties. Its CropOS platform aggregates proprietary protein, genomic, and strategic data layers for predictive breeding using artificial intelligence (AI) and machine learning (ML) and its Crop Accelerator, an indoor year-round speed breeding and rapid prototyping facility. It is developing a diversified seed portfolio spanning the key markets, such as protein ingredients, aquaculture and specialty animal feed, and vegetable oils. The Company sells its products throughout North America, in Europe and in several countries globally.
BENSON HILL, INC. 
