Financial Advisor
PICO Holdings, Inc.
$127 Million
07/31/2015
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M&A Advisory
Has Sold Assets To
Transaction Details
- On July 13, 2015, PICO Holdings, Inc. (NASDAQ:PICO) sold substantially all of the assets of its majority owned canola processing subsidiary PICO Northstar Hallock, LLC to CHS Inc. for $127 million
- After the estimated target working capital adjustment, and repayment of approximately $75 million in debt associated with PICO Northstar Hallock’s assets, the sale will net PICO Northstar estimated cash of $30 million, before transaction related costs
- It is anticipated that all of PICO Northstar Hallock’s plant employees will be retained by CHS
- With the closing of this sale, PICO Holdings will exit its canola processing business
About the company
Based in La Jolla, California, PICO Holdings, Inc. is a diversified holding company
Operating segments include water resource and water storage operations, real estate operations, agribusiness operations, and corporate
PICO Northstar Hallock, LLC, doing business as Northstar Agri Industries, started operations in 2012 and is the first operational canola processing plant with an integrated refinery in Minnesota
PICO Northstar Hallock was a consolidated subsidiary in the agribusiness operations segment of PICO Holdings