Pinnacle Renewable Holdings Inc. has closed the previously-announced acquisition of a 70% interest in an industrial wood pellet production facility located in Aliceville, Alabama from the Westervelt Company.
Pinnacle funded the acquisition of its 70% stake in the Aliceville Facility through a draw on its credit facility and cash on hand. Pinnacle and Westervelt are currently undertaking a capital spending program to improve safety, product quality and plant efficiencies.
Westervelt, a diversified land resources company, has retained a 30% interest in the Aliceville Facility.
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets.