Utica Energy plant in Wis. to be sold

By Ascendant Partners | April 24, 2013

The ethanol production facility, grain elevator and related assets of Utica Energy LLC will be sold under direction of a court appointed receiver. Utica has demonstrated competitive operations historically with access to strong local markets and has distributed over $60 million in cash to shareholders. Facing liquidity and capital-related challenges, the owners and senior creditors agreed to transfer the assets of the company into a Chapter 128 receivership, and the court-appointed receiver, Seth E. Dizard of O’Neil, Cannon, Hollman, DeJong & Laing, S.C., has hired Ascendant Partners to assist in a court-approved sale of the assets on an “As-is, Where-is” basis, free of any liens and encumbrances.

The plant, originally commissioned in 2003 and expanded to its current capacity in 2004, has demonstrated the ability to consistently produce more than 50 million gallons of ethanol per year, with on-site grain storage of more than 3 million bushels. The scope of assets also includes a nearby drying facility and a grain elevator with an additional 600,000 bushels of storage located 50 miles away in Green Bay, WI. Utica’s access to attractive local ethanol and distillers grains markets and favorable grain origination provide the facility a platform to succeed going forward. Ascendant Partners is the exclusive M&A and financial advisor facilitating the transition of ownership of the Utica assets. Ascendant is a leading provider of professional capital solutions dedicated to serving clients in the food, agribusiness, and renewable energy industries and is a value-based organization built on a foundation of trust, integrity, accountability and client success.

An affiliate of Ascendant is a registered FINRA broker/dealer.