Oxbow Crush acquires soybean-processing plant in Mississippi, begins upgrades
Oxbow Crush LLC, an independent soybean processor, announced Dec. 13 the acquisition of a soybean-processing plant in Greenwood, Mississippi. When fully operational, the plant will process over 20 million bushels per year.
In conjunction with the acquisition, Oxbow also completed funding arrangements from a group of investors including The Energy and Minerals Group, Yorktown Energy Partners XII LP, Solaris Energy Capital, and Thoroughbred Holdings.
“We’re extremely excited about the investment, including the opportunity to service the tremendous soybean-meal demand locally as well as the soybean-oil demand regionally and in the Gulf Coast renewable fuels refining market,” said Charlie Wesley, managing partner at Thoroughbred Holdings. “We and our financial partners have decades of experience funding and building businesses, and strong conviction that Oxbow and this processing plant are well-positioned for success.”
The company named Greg Piper as CEO and Rick Kim as chief operating officer. Piper brings more than 30 years of experience across the agricultural and energy industries. Kim brings over 20 years of operational and engineering experience in processing and material handling.
“The Oxbow team is excited to own and modernize this important facility that will support the agriculture economy in Mississippi,” Piper said. “Upgrades to the plant are ongoing, and we look forward to continuing to build our team and restarting operations in early 2023.”
Oxbow’s initial focus is on upgrading the plant to meet industry standards for safety, reliability and efficiency. The upgrades also include an expansion to increase processing capacity and improvements to grain unloading and handling facilities.
“We’re proud to be bringing the facility back to life,” Kim said. “This business will be an integral part of the city of Greenwood and of the Delta’s agricultural community for decades to come.”
Oxbow will purchase and process soybeans and produce high-protein soybean meal and soybean hulls for animal feeds, and various grades of soybean oil for food, feed and renewable fuels, including soybean oil for the growing renewable diesel industry.
As part of the acquisition, Oxbow also acquired an on-site biodiesel refinery but has no intention of operating the facility.
“Oxbow is hiring and will be filling dozens of positions now through early 2023,” Kim continued. When fully operational the plant will have approximately 75 positions.
“It’s a new day for this business—we’re proud to be an integral part of the Delta’s agricultural community and grateful for the local support we’ve received and look forward to building a world-class business,” Kim said.
Additional information and career opportunities are available now and are posted on the Oxbow website.