Private wealth investment firm, Settoon Capital, has been brought on by independent soybean processor, Oxbow Crush, as a strategic investor in a soybean processing plant located in Greenwood, Mississippi. The move marks Settoon Capital's first investment in the agricultural processing industry.
Settoon Capital's investment in the facility is notable because of the firm's geographic fit and high level of interest in renewable fuels. After agreeing upon terms alongside other investors, Settoon Capital made its initial investment in July 2022. The firm is thrilled to support the ongoing project and its goal to meet underserved local and regional demand.
The plant will undergo major capital refurbishments and upgrades and will be capable of processing over 20 million bushels per year when fully operational. Oxbow Crush will purchase and process soybeans to produce high-protein soybean meal and soybean hulls for animal feeds, as well as various grades of soybean oil for food, feed, and renewable fuels.
"We look forward to supporting the growth of the Oxbow team as it brings much-needed soybean processing capacity to the Mississippi Delta," said Russ Settoon, CEO at Settoon Capital. "Oxbow is ideally positioned to meet the ever-growing demand for high-protein meal while its oil production will serve the energy transition to renewable fuels."
Under the new ownership, the plant will be upgraded to meet industry standards for safety, reliability, and efficiency. These plans include a physical expansion of the plant, an increase to its processing capacity, improvements to its grain unloading and handling facilities, and the employment of up to 75 people to accelerate said operations.