Canada-headed wood pellet major Pinnacle Renewable Holdings Inc. has announced that it has closed on the previously announced acquisition of a 70 percent interest in an industrial wood pellet production facility located in Aliceville, Alabama from the Westervelt Company. Westervelt, a US-based diversified land resources company, has retained a 30 percent interest in the Aliceville facility.
On September 6, Pinnacle Renewable Holdings revealed that it had entered into a definitive agreement to acquire a 70 percent interest in an operating industrial wood pellet production facility located in Aliceville, Alabama (AL) from the Westervelt Company (Westervelt), a US-based diversified land resources company.
Pinnacle has now closed on the deal, funding its 70 percent stake acquisition of the Aliceville facility for an undisclosed amount through a draw on its credit facility and cash on hand. Pinnacle and Westervelt are currently undertaking a capital spending program to improve safety, product quality, and plant efficiencies.
The deal marks Pinnacle’s entry into the US southeast wood fibre basket.
Facts
About The Westervelt Company
Founded in 1884, The Westervelt Company is a privately held company headquartered in Tuscaloosa, Alabama and is currently under the fourth generation of family leadership. Westervelt is an industry leader in land management, wood products manufacturing and environmental mitigation. With more than half a million acres (≈ 202 343 ha) of land under Westervelt management, the company is recognized for excellence in sustainable forest management, responsibly sourced forest products and services, natural resource stewardship and ecosystem conservation.
