REG® acquires New Mexico biodiesel facility in
common stock agreement with ARES
Renewable Energy Group® welcomes ARES Corporation as a strategic investor
CLOVIS, NEW MEXICO -- SEPTEMBER 22, 2010 -- Today Renewable Energy Group® and ARES Corporation announced REG will acquire biodiesel assets in Clovis, New Mexico from ARES Corporation who will concurrently invest an additional $8 million into Renewable Energy Group (REG) in an all common stock transaction.
ARES Corporation of Burlingame, Calif.— one of the foremost engineering, risk management, software/IT and project management companies in the United States—owned the 15 million gallons per year facility in Clovis, New Mexico.
“In support of RFS2, REG continues to expand its national footprint of production facilities and related logistics to better serve our growing customer base of regional and national businesses. We consider this position in the Southwest to be a long?term, strategic move for our company,” said Daniel J. Oh, President and Chief Operating Officer of Renewable Energy Group. “ARES’ strategic investment provides REG access to ARES’ world class engineering, risk management and government contracting expertise.”
“REG has proven its leadership in the biodiesel industry and is exceptionally well placed to lead the industry recovery,” said Richard (Dick) Stuart, ARES Corp. Chief Executive Officer.
Stuart added: “ARES is proud of its efforts to contribute to America’s quest for energy independence and a cleaner environment. In our new economy we believe the best and most likely place for our investment to succeed is with REG; therefore we are contributing assets and investing anew to help move REG and its efforts forward.”
“Renewable Energy Group has shown strong biodiesel industry leadership when it comes to creating green collar jobs at its industry leading biodiesel production facilities,” said Clovis Industrial Development Corporation Executive Director, Chase Gentry. “We look forward to REG’s involvement in this ongoing green economy project as the City of Clovis, State of New Mexico and the Southwest region look to reduce our dependence on imported oil and improve our air quality.”
Viant Capital represented REG in the transaction.
For more information, please contact Renewable Energy Group’s Alicia Clancy at (o) 515-239-8118; (m) 515-450-9692 or email@example.com
About Renewable Energy Group®
Renewable Energy Group® (REG®), the country’s largest biodiesel producer and marketer. Committed to redefining quality, REG markets REG?9000™ biodiesel, which exceeds ASTM quality specifications, through existing nationwide diesel infrastructure, including more than 20 terminal locations.
REG-9000 biodiesel is marketed through large petroleum companies and fuel distributors, and is utilized by on-highway fleets, municipalities, and power generator, mining, military, home heating and agriculture applications.
To learn more about Renewable Energy Group, Inc. please visit www.regfuel.com
About ARES Corporation:
ARES Corporation provides technology solutions in the areas of risk management, project management, information technology, and engineering to government agencies and contractors, and Fortune 1000 companies. ARES Corporation has more than 700 employees and more than 20 offices worldwide.
About Viant Capital:
Based in San Francisco, Viant Capital provides advisory services and investment capital to emerging companies in the energy, technology, consumer and healthcare sectors.
For more information, go to the REG press release.