OTPP Bets Big on Cow Manure; Acquires Majority Stake in Mitolo Family Farms
OntarioTeachers Pension Plan will buy a majority stake in a U.S. company that produces renewable natural gas from cow waste.
The pension plan will make a capital commitment of US$250 million to the firm, Sevana Bioenergy LLC, to finance renewable gas projects across North America, according to a statement Tuesday.
Renewable natural gas, or RNG, is mostly made of methane, a potent contributor to climate change that’s typically released from the decomposition of organic material in farms and landfills. Sevana captures and processes it to generate energy that has a lower overall climate impact than if methane was allowed to simply vent into the atmosphere.
Renewable natural gas is used by utilities and, in some cases, to fuel commercial vehicles that are powered by natural gas. Energy producers including BP PLC and Shell PLC have made big-ticket investments in biogas as a way to lower their emissions footprint.
“Sevana has a demonstrated track record of success in the implementation of cutting-edge RNG facilities, and we are excited by the opportunity to further scale the company as it enters its next chapter of growth,” Zvi Orvitz, senior managing director for Teachers’ sustainability and transition business, said in the statement.
Sevana has started projects across agricultural regions such as Oregon, Idaho and South Dakota since its founding in 2017. Ontario Teachers’ Pension has committed to achieve net zero greenhouse gas emissions by 2050.
SWIF also reports Ontario Teachers’ Pension Plan takes a gamble on Sevana Bioenergy:
Boise, Idaho-based Sevana Bioenergy LLC develops, designs, owns, and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic based soil amendments. Ontario Teachers’ Pension Plan Board acquired a majority stake in Sevana Bioenergy and will make a capital commitment of US$ 250 million to develop renewable natural gas (RNG) projects across North America. Sevana has executed dairy and organics projects which include more than 20 state-of-the-art digester tanks across agricultural regions such as Oregon, Idaho, and South Dakota since its founding by CEO John McKinney in 2017. McKinney was the President of Columbia Biogas. In 2015, Columbia Biogas abandoned its proposed US$ 55 million anaerobic food waste digester in Portland, Oregon
Sevana is the latest investment by Ontario Teachers’ Pension Plan in the Sustainability and Energy Transition sector and will serve to advance the organization’s commitment to achieve net-zero greenhouse gas emissions by 2050.
Advisors
Kirkland & Ellis LLP served as legal counsel to Ontario Teachers’ on the transaction. Fredrickson and Byron served as legal counsel to Sevana.Meridiam
In July 2020, Meridiam entered into an agreement to develop a biodigester project, located in the State of Idaho near Twin Falls, together with Sevana Bioenergy, as development partner, service provider and long-term co-investor. The project consists of the acquisition of an existing biogas facility which has been in operation since 2011. The 2010 project represented an investment of approximately US$ 35 million for Meridiam.
OTPP issued a press release on this deal:
Boise, Idaho / Toronto, Ontario - Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) is pleased to announce it has entered into a strategic partnership with Sevana Bioenergy LLC (“Sevana”) that will see it acquire a majority stake in the business and make a capital commitment of $250 million to develop renewable natural gas (“RNG”) projects across North America.
Sevana is a pioneer in the RNG industry, developing and upgrading large-scale biogas projects to increase the production and use of RNG through the reduction of organic waste. Sevana has successfully executed dairy and organics projects which include more than 20 state-of-the-art digester tanks across agricultural regions such as Oregon, Idaho and South Dakota since its founding by CEO John McKinney in 2017. Sevana led these innovative projects to deploy more than $350 million under construction and worked closely with farmers to form long-term beneficial partnerships as part of its strategy to own and operate reliable digester facilities. Sevana’s team of in-house experts has over 150 years of combined experience designing, operating, and maximizing performance of anaerobic digesters with projects worldwide.
“We are pleased to partner with John and the Sevana team to help accelerate their efforts to develop advanced digester facilities that produce RNG and electricity for transportation fuel, EV charging and other forms of energy,” said Zvi Orvitz, Senior Managing Director, Sustainability & Energy Transition, Private Capital at Ontario Teachers’ Pension Plan. “Sevana has a demonstrated track record of success in the implementation of cutting edge RNG facilities, and we are excited by the opportunity to further scale the company as it enters its next chapter of growth.”
RNG is an important tool in the decarbonization of transportation, heating and industrial energy consumption and Sevana is a market leader entering new markets with RNG related products. Sevana’s projects capture fugitive methane emissions from farm animal and other organic waste streams that contribute to climate change and use this waste to produce low-carbon renewable power and RNG to replace fossil fuel-based energy sources. The company boasts a deep pipeline of future development opportunities and is also actively considering acquisition opportunities across the U.S.
“We welcome Ontario Teachers’ and look forward to our partnership as we work toward our objective of providing decarbonization solutions from RNG and continuing to enter new markets with related products” said Steve Compton, President at Sevana Bioenergy. “This commitment accelerates development of our industry leading projects that contribute direct economic and sustainable benefits to local communities and reduce greenhouse gases.”
Sevana is the latest investment by Ontario Teachers’ Pension Plan in the Sustainability and Energy Transition sector and will serve to advance the organization’s commitment to achieve net-zero greenhouse gas emissions by 2050.
Kirkland & Ellis LLP served as legal counsel to Ontario Teachers’ on the transaction. Fredrickson and Byron served as legal counsel to Sevana.
About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $247.2 billion as at December 31, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.
With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.5% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.
About Sevana Bioenergy
Sevana Bioenergy develops, designs, owns and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic based soil amendments. Using state-of-the-art technology, and an experienced team of design and engineering experts, Sevana is advancing the future of biogas energy production in the United States. Sevana’s goal is to ensure that agricultural communities benefit and thrive through these partnerships, while building renewable solutions to local waste and energy challenges. More information is available at www.sevanabioenergy.com.
Below, you can read more about Sevana Bioenergy:
Sevana Bioenergy develops, designs, owns and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic based soil amendments.
Using state-of-the-art European technology, engineering, and design, we are advancing the future of biogas energy production in the United States. Biogas projects reduce waste, increase the use of renewable energy and reduce long-term greenhouse gas emission.
Our mission is to be a market leader in accelerating the production of renewable natural gas derived from anaerobic digestion facilities in North America.
Our ValuesOur projects are designed in close association with local partners to ensure that they add value to existing agricultural businesses, comply with local land uses and meet community needs. Our plants are typically sited in rural agricultural areas where organic waste streams are produced.
Our company is built around our core principals of safety, integrity, community partnerships, teamwork, equal opportunity, sustainability and regenerative economic development.
Waste Management Solution
Harvesting the energy of organic waste materials is key to creating a sustainable agriculture industry.
Anaerobic digestion is a well-proven technology used at thousands of facilities worldwide. It is an advanced method of recycling organic waste that is reliable, cost-effective, and highly efficient.Building Relationships
Achieving mutual economic, social and environmental goalsOur facilities create new business opportunities for existing agricultural operations while transforming underutilized organic waste into multiple “green” products.
The conversion of organic waste into renewable energy and other nutrient rich soil amendments enables Sevana Bioenergy to establish sustainable business relationships within a rural community.
In 2017, Alayna DeMartini of Ohio State University's College of Food, Agricultural, and Environmental Sciences wrote a comment on reducing the environmental impact of cows' waste:
No disrespect to cows, but they produce a lot of gas.
And while farmers may be unfazed by the smell, the gas is methane, one of the most potent greenhouse gases.
Across the globe, livestock spew 14.5 percent of all greenhouse gases (methane, carbon dioxide, nitrous oxide and fluorinated gases) released in the environment, and over half that comes specifically from cows, according to a United Nations report.
With every episode of gas and especially burping, cattle release methane, which is 23 times more harmful than carbon dioxide, the main greenhouse gas in car emissions.
Besides cow’s gas, their manure can be problematic. The phosphorus and nitrogen in cow manure, after it’s applied to farmland as fertilizer, can run off with rainfall into local waterways, including Lake Erie, contributing to algal blooms that turn the water green and can produce toxins harmful to drinking water.
Two researchers in the College of Food, Agricultural, and Environmental Sciences (CFAES) at The Ohio State University are studying how to cut methane gas produced by cows and reduce the phosphorus and nitrogen that end up in their manure — and potentially waterways.
While Zhongtang Yu didn’t grow up in a rural area but instead in a metropolitan region of China, he appreciates what cattle contribute to the economy, the beef and milk. And he understands the toll air pollution can have. He is a molecular biologist in CFAES and is working to reduce the amount of methane cattle give off by improving their digestion.
Another CFAES researcher, Chanhee Lee, an assistant professor of animal sciences, focuses on reducing the waste of cows – solids and gases. In his studies, Lee tests the effectiveness of adding chemical or biological substances to cow feed to reduce the methane they produce. He also puts addititives in manure to lessen the nitrogen and phosphorus in it, thus reducing the odds of those compounds seeping into surface water.
Reducing Methane with Natural Additives
As methane producers, cattle top humans — by a lot. In one day, a cow generates 200 liters of methane, on average, while humans who produce methane (only one-third of us do), give off a fraction of a liter of methane daily.
Reducing the methane gas cattle generate not only cuts greenhouse gas emissions but potentially allows more of the feed cattle consume to be directed to their body and production. That can lead to larger, stronger cows and steers, more milk and beef, Yu said.
“Methane is bad because not only is it a greenhouse gas, but it’s a waste of feed,” Yu said.
Between 4 and 12 percent of the feed cattle eat is wasted through the methane gas they produce, he said.
If cows have less gas and fewer burps, it is not only more pleasant for the people who work around them, “they may be able to grow faster, have more meat and produce more milk,” he said.
Yu’s current research examines how natural compounds can reduce the number of protozoa in a cow’s stomach, thus decreasing the amount of methane and nitrogen a cow expels. Any protein that cattle eat that’s not used by their bodies comes out in their urine and manure in the form of nitrogen. Almost half the nitrogen in their urine and manure turns into ammonia gas, a toxic, potentially explosive gas, though not a greenhouse gas.
Different compounds can reduce the methane generated in a cow’s gut. Antibiotics are among them. But consumers sometimes steer away from buying beef that’s been given antibiotics, so Yu opted for testing compounds from natural sources. He’s found that essential oils, including garlic, rosemary and oregano oils, as well as saponins and tannins, are effective in reducing the amount of methane cattle give off in their gas and burps. Saponins are compounds found in some vegetables, beans and herbs. Tannins are bitter-tasting organic substances derived from some plants.
The essential oils, saponins and tannins reduce methane production by decreasing the numbers and activity of protozoa and methane-producing microorganisms in cattle’s guts. The protozoa don’t produce methane, but they help the methane producers that do, microorganisms called methanogens. Methanogens are in human guts as well, but not nearly as many as in cattle.
Yu targets the protozoa in a cow’s stomach because they cause the cow to not only produce more methane but release more nitrogen into their manure.
In his research, Yu’s graduate and undergraduate students have the unglamorous role of taking samples from the stomachs of cows, generally chunky and smelly, and bringing them into the lab.
“It doesn’t bother them,” Yu said of his students. “They have fun doing it.”
Fun? Perhaps because most of them grew up around cows and are familiar with the various smells on a farm.
As a next step, the chunky samples are combined with essential oils, saponins and tannins to see the effect on the protozoa and how much methane is produced. Yu’s lab has found that combinations of a few compounds, substances or both are more effective than individual compounds in reducing methane emission.
Lee, an assistant professor of animal sciences in CFAES, is studying the effect of giving cows 3-nitrooxypropanol, a white powder that can be mixed in with their feed. So far, the additive has been shown to cut methane production by up to 20 percent, depending on the amount they’re given.
Further studies are needed to determine that 3-nitrooxypropanol does not reduce the cattle’s production ability or have any undesirable side effects, he said.
In testing the effectiveness of 3-nitrooxypropanol, a group of cows, each housed in individual stalls, is given feed with or without the compound. Then their gas is measured.
“Cattle are releasing methane by burping almost every minute,” Lee said.
Cutting Nitrogen and Phosphorous in Cattle Waste
Not only does Lee’s research aim to reduce the methane gas cows expel, but also to cut the nitrogen and phosphorus excreted in their manure. He studies whether the amount of protein and phosphorus in the national feed requirements for beef and dairy cattle can be reduced without jeopardizing the nutrition and strength of the cow.
Some farmers feed their animals more phosphorus than the requirements call for, in hopes of boosting the cows’ production levels. But, he said, this is happening less and less.
“Most farmers know well about the dangers of doing this,” he said.
The risk of giving cows more phosphorous or other nutrients is that the excess lands in their manure and urine, Lee said.
But even after that happens, there’s an opportunity to reduce the environmental effects of that waste. Lee is testing whether a chemical or biological additive put in cow manure can change the decomposition of the manure so that it gives off less methane gas. Also, he is testing whether a different additive can limit the amount of nitrogen in the manure that turns into ammonia gas as the manure decomposes. Reducing the nitrogen losses from manure can also improve the quality of the manure as a fertilizer.
“We want to reduce the environmental impact of cow’s waste, but we also want to improve the cow’s ability to produce,” Lee said. “We are going to have significant worldwide population growth and we need to feed all those people"
Similarly, in 2019, UC Davis' Amy Quinton wrote a comment on cows and climate change:
Inside the University of California, Davis, a Holstein cow has its head and neck sealed airtight inside a large, clear-plastic chamber that resembles an incubator for newborns. While giant tubes above the chamber pump air in and push air out, the cow calmly stands and eats her feed. Equipment inside a nearby trailer spits out data.
This is how Frank Mitloehner measures gases that come from cows’ stomachs and ultimately contribute to global warming. Quantifying these emissions is key to mitigating them, and Mitloehner is one of several UC Davis researchers investigating economical ways to make livestock production more environmentally sustainable around the globe.
Cattle are the No. 1 agricultural source of greenhouse gases worldwide. Each year, a single cow will belch about 220 pounds of methane. Methane from cattle is shorter lived than carbon dioxide but 28 times more potent in warming the atmosphere, said Mitloehner, a professor and air quality specialist in the Department of Animal Science.
With the escalating effects of climate change, that fact has advocates urging the public to eat less beef. They contend it’s an unsustainable diet in a world with a population expected to reach nearly 10 billion by 2050.
Mitloehner has openly challenged this view, writing in a recent commentary for The Conversationthat “forgoing meat is not the environmental panacea many would have us believe.”
Cows and other ruminants account for just 4 percent of all greenhouse gases produced in the United States, he said, and beef cattle just 2 percent of direct emissions.
Better breeding, genetics and nutrition have increased the efficiency of livestock production in the U.S. In the 1970s, 140 million head of cattle were needed to meet demand. Now, just 90 million head are required. At the same time, those 90 million cattle are producing more meat.
“We’re now feeding more people with fewer cattle,” Mitloehner said.
The global problem
Shrinking livestock’s carbon hoofprint worldwide is a big challenge. Livestock are responsible for 14.5 percent of global greenhouse gases.
India, for example, has the world’s largest cattle population, but the lowest beef consumption of any country. As a result, cows live longer and emit more methane over their lifetime. In addition, cows in tropical regions produce less milk and meat, so it takes them longer to get to market.
“If you have hundreds of millions of cattle to achieve a dismal amount of product, then that comes with a high environmental footprint,” Mitloehner said.
Researchers at UC Davis have projects in Vietnam, Ethiopia and Burkina Faso to boost livestock productivity through better nutrition. That may be critical going forward as demand for meat is rising in developing countries.
"We expect by 2050 there is going to be a 300 percent increase in beef demand in Asia," said Ermias Kebreab, a professor of animal science and director of the UC Davis World Food Center.
A new diet
Kebreab, Mitloehner and other UC Davis scientists are looking for ways to make cows more sustainable and less gassy. One way to do that is to make their high-fiber diet easier to digest, so scientists often turn to feed supplements for this purpose. It sounds simple, but finding an affordable and nutritious additive has proved difficult.
However, Kebreab has succeeded in finding such a supplement by feeding dairy cattle a plant way off the trough menu: seaweed.
“We’ve done one trial and showed that there is up to a 60 percent reduction in methane emissionsby using 1 percent of seaweed in the diet,” Kebreab said. “This is a very surprising and promising development.”
In addition to reducing methane output, the seaweed doesn’t make the cows’ milk taste bad. He’s now testing the diet on beef cattle. It could be a relatively inexpensive solution for reducing emissions.
This type of red seaweed, called Asparagopsis taxiformis, has one big drawback: a wild harvest is unlikely to provide enough of a supply for broad adoption. Other scientists are looking for ways to grow it to scale, and Kebreab remains hopeful that feed additives hold the most promise.
“I believe that we will have a solution, two or three good candidates, that would reduce emissions quite substantially,” Kebreab said. “I can see that happening in the next few years.”
Cows as part of the climate change solution
Besides emitting greenhouse gases, another common criticism of beef production is that cows take up nearly half the land in the United States. Overgrazing those lands can degrade soil health and biodiversity. Yet researchers argue that, managed correctly, cows help restore healthy soils, conserve sensitive species and enhance overall ecological function. Proper cattle grazing management can even help mitigate climate change.
On the Van Vleck Ranch east of Sacramento near Rancho Murieta, Jerry Spencer manages about 2,500 cattle. A good winter’s rain this year has left them a feast of green pastures. Spencer pays close attention to the grasses, making sure the animals have enough to eat but don’t overgraze. He maintains a diversity of native grasses to keep the cows healthy and rotates herds between pastures to give the plants a rest from grazing and opportunity to recover.
“You want to leave as much as grass as possible to allow water infiltration and healthy root systems,” Spencer said.
Maintaining healthy root systems isn’t just good for the plants. The longer and denser the roots, the more they can hold atmospheric carbon in the soil.
“One of the best and most simple things we can do on rangelands to help mitigate climate change is to conserve rangeland ecosystems and keep the carbon that’s already stored in rangeland soils safely stored there,” said Ken Tate, a UC Davis rangeland watershed management extension specialist. California is at particular risk of rangelands being converted to housing and other developments, he said.
Ranchers really have little financial incentive to let their herds overgraze or let their herd’s hooves compact and degrade soils. Spencer said if the land degrades, then the cattle’s health can suffer as well.
“Sustainability is keeping everything viable both economically and biologically,” said Spencer. “Ranchers don’t continue to exist if either one of those are really out of balance.”
While sustainable grazing practices won’t eliminate methane produced by the cows, they can offset it. According to Project Drawdown, this solution could sequester 16 gigatons of carbon dioxide by 2050.
“Proper grazing sustains working landscapes that support communities, food production and a healthy environment,” Tate said.
Meat-free movement
Environmental considerations may factor into people’s food choices, but those decisions are also based on religious and cultural beliefs and traditions, as well as personal tastes. In low-income countries, there may not be any choice. It’s why Tate and Mitloehner believe the meat-free movement can go only so far.
“There will never be a situation where some major part of our diet will be ruled out,” Mitloehner said. “My job is not to judge people for their eating habits. My job is to look at how we can produce livestock and minimize those environmental impacts that do exist.”
As a Greek-Canadian who loves meat, I applaud people like Mitloehner and think he's absolutely right.
Alright, where am I going with all this?
Cows belch, cows fart, cows emit a lot of CO2 in the atmosphere and there are a lot of smart people looking to make cattle and climate change a thing of the past.
In the case of Sevana Bioenergy, they're taking it a step further to produce renewable natural gas (RNG).
Zvi Orvitz, Senior Managing Director, Sustainability & Energy Transition, Private Capital at OTPP states it well:
“We are pleased to partner with John and the Sevana team to help accelerate their efforts to develop advanced digester facilities that produce RNG and electricity for transportation fuel, EV charging and other forms of energy. Sevana has a demonstrated track record of success in the implementation of cutting edge RNG facilities, and we are excited by the opportunity to further scale the company as it enters its next chapter of growth.”
In other related news, OTPP issued a press release on how it has entered into a strategic partnership with Australia's Mitolo Family Farms:
VIRGINIA, AUSTRALIA – Mitolo Family Farms is pleased to announce that it has entered into a strategic partnership with Ontario Teachers’ Pension Plan Board (Ontario Teachers’) and its Australian agriculture subsidiary AustOn Corporation (AustOn).
As part of this partnership, Ontario Teachers’ will acquire a majority equity interest in Mitolo Family Farms, with the Mitolo family retaining a significant ownership stake.
Mitolo Family Farms is a vertically integrated grower, harvester, packer and marketer of fresh potatoes and onions in Australia, with a portfolio representing one of Australia’s largest horticultural land aggregations. With more than 50 years of operations, Mitolo Family Farms is the category leader across potatoes and onions, supplying high quality fresh produce to major supermarkets and wholesalers nationally.
Ontario Teachers’ is a global investor with net assets of $247.2 billion as at December 31, 2022. Ontario Teachers’ invests in more than 50 countries in a broad array of assets to deliver retirement income for approximately 336,000 working members and pensioners. The plan takes a long-term view on their investments to provide retirement security for their members and help portfolio companies grow for decades to come.
AustOn is the Australian agriculture arm of Ontario Teachers’ and has operated in Australia since 2018. AustOn employs teams to manage Aroona Farms, which produces almonds in South Australia and Victoria, Jasper Farms, which produces avocados in Western Australia, and Pomona Valley, which produces apples and stone fruit in Victoria.
Like the Mitolo family, Ontario Teachers’ is committed to the long-term sustainable growth of the business as Mitolo Family Farms embarks upon the next phase of its strategy. The business will continue to operate under the Mitolo Family Farms brand and under the leadership of Managing Director Frank Mitolo and the current executive leadership team including John Mitolo and Darren Mitolo.
Frank Mitolo, Managing Director of Mitolo Family Farms, said:
“The next steps in our growth trajectory will require additional capital to enter into new markets and pursue strategies that will help us profitably respond to emerging trends in agriculture and food manufacturing.
“The family realised that the additional capital would require partnering with the right investor who understands the cyclical and long-term nature of agriculture, and we believe Ontario Teachers’ is the ideal partner with which to take the business forward.”
Christopher Metrakos, Senior Managing Director, Natural Resources at Ontario Teachers’ said:
“We are excited to partner with the Mitolo Family Farms to grow the company’s ambitions and further increase the quality and reliability that has made it a category leader in Australia over the past 50 years.
“Ontario Teachers’ and AustOn have a proven track record in investing in the farming sector both in Australia and worldwide, and we are focused on using this experience to deliver long-term, sustainable growth with Mitolo Family Farms.”
Completion of the transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to occur by 30 June 2023. The transaction does not include Mitolo Wines.
AustOn is the Australian agriculture arm of Ontario Teachers’ and has operated in Australia since 2018.
Along with PSP Investments, Ontario Teachers' is one of the leaders in agricultural farming assets.
It's interesting this deal didn't include Mitolo wines.
Recall back in November, Southern Premium Vineyards (SPV), PSP Investments' platform that owns Australian vineyards, and Casella Family Brands (Casella) entered into a long-term strategic partnership under which SPV will acquire a number of vineyards from Casella.
Still, OTPP's strategic relationship with Mitolo Family Farms will yield great yield over the long run and the family will use the additional capital to grow their operations.
Both this deals show how OTPP is committed to sustainable investing and energy transition.
Lastly, Reuters reports Intercos fund shareholders L Catterton, Ontario Teachers’ Pension Plan sell 6% stake in cosmetics manufacturer at discount:
Private equity fund L Catterton and the Ontario Teachers’ Pension Plan (OTPP) said they had completed the sale of an around 5.7 per cent stake in Italian cosmetics manufacturer Intercos at a price of €13.25 ($14.36) per share.
The price represents a 6.8 per cent discount to Tuesday’s closing value of €14.15 per share.
Shares in Intercos fell as much as 6 per cent to €13.30 on Wednesday.
The sale took place through an accelerated bookbuilding procedure managed by Jefferies and UBS, while Rothschild & Co acted as financial adviser to the sellers.
Gross proceeds from the placement totalled about €73-million. The deal will settle on March 31. L Catterton and OTPP will come to hold, respectively, 13.3 per cent and 10 per cent of Intercos, as a result of the deal.
Intercos started trading in Milan in November 2021, after listing its shares at a price of €12.50 each.
Intercos is controlled by founder Dario Gianandrea Ferrari through a 40.5 per cent stake.
Alright, let me wrap it up there and remind my readers that there is a lot of work and thought that goes into these comments, so please support the work that goes into them. Thank you!
Below, in this (2017) episode of Sustainable Energy, the team takes a look at biomass and bioenergy.
And learn how seaweed may be the super food dairy cattle need to reduce the amount of methane they burp into the atmosphere. Early results from research at the University of California, Davis, indicate that just a touch of the ocean algae in cattle feed could dramatically cut greenhouse gas emissions from California’s 1.8 million dairy cows.
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