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Harvest Capital Asset Management Completes $32 Million US – Brazilian Agriculture Joint Venture
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Added: 07/19/2005
Type: Summary
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Harvest Capital Asset Management Completes $32 Million US – Brazilian Agriculture Joint Venture
Harvest Capital Asset Management completes $32M US – Brazilian agriculture joint venture
Two Rivers Farm Brazil operations projected to cultivate nearly 50,000 irrigated acres of rice and soybeans annually
Chicago, IL, July 13, 2005: Harvest Capital Asset Management LLC (“Harvest Capital”), an asset management company specializing in the formation and operation of agricultural properties in Brazil, announced the completion of a US$31,825,000 private equity financing for its Two Rivers Farm project in north central Brazil.
The Two Rivers Farm project was created to fill the demand for a structured private equity offering focused on the Brazilian agricultural sector. Scott Oakes, Harvest Capital Managing Member and agricultural economist with 12 years of grain trading & production experience in Brazil, conceptualized the Two Rivers Farm project in recognition of that country’s emergence as a dominant global exporter of key agricultural commodities. Mr. Oakes commented “As the infrastructure and macroeconomic variables continue to improve in Brazil, we believe it is doubtful that land values will maintain the steep discount that we currently enjoy. The tropical climate of northern Brazil allows for a wide range of row crop and permanent crop alternatives. More production choices translate into a better risk / reward profile for investors.”
The financing was comprised of two components: a seed capital round of $17.2 million funded primarily by the US and Brazilian project sponsors and affiliates and a $14.625 million private equity placement with US institutional and private investors.
“The economies of scale that we plan to achieve on this fully irrigated 50,000 acre farm will allow Two Rivers to become a global low cost commodity producer”, commented Harvest Capital Managing Member Scott Thornburgh. “Harvest Capital will continue to offer unique investments in Brazil as long as the risk adjusted returns meet our internal benchmarks.”
Provident Group Ltd. (Contact: Steven J. Carlson, Tel: (212) 742-1852, Website: www.provident-group.com), First Trust Portfolios L.P. (Website: www.ftportfolios.com), and Principal Partners (Website: www.principalpartners.com.br) were the exclusive advisors, and arrangers for the Two Rivers Farm LLC private equity placement.
Contact: Scott Thornburgh
Phone: 630-579-4799
40 Shuman Blvd., Ste 160
Naperville, IL 60563
www.harvest-capital.com
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