IC Green Energy Ltd. („ICG“), Tel-Aviv, Israel, sold its 69.08% participation in the Petrotec AG, Borken, Germany (“Petrotec”), to Renewable Energy Group, Inc., Ames, Iowa, USA (“REG”).
Network Corporate Finance exclusively advised IC Green Energy Ltd. in connection with the transaction.
|Description:||Sale to strategic investor|
Renewable Energy Group, Inc. acquires 69.08% of share capital in Petrotec AG from majority shareholder IC Green Energy Ltd. for a total consideration of USD 20.9m and purchases the IC Green’s shareholder loans to Petrotec in the amount of USD 15.4m.
Petrotec AG is the largest European producer of waste-derived biodiesel, mainly based on used cooking oil. The Company owns an overall production capacity of 185,000 tons per year at two locations in Germany and runs a vertically integrated business model. With 115 employees, Petrotec generated sales of approximately EUR 193 mn. in 2013.
For additional information on Petrotec AG: www.petrotec.de