RiceBran sees Golden Ridge operations adding $20M in revenue in 2019
RiceBran Technologies announced the completion of its acquisition of the assets and operations of Golden Ridge Rice Mills' rice milling and rice bran stabilization facility in Wynne, AR. The company expects Golden Ridge to add approximately $20M in revenue and EBITDA in 2019. The Golden Ridge operations encompass nearly 32 acres with approximately 75% of its land available for expansion. Total consideration for the Golden Ridge acquisition was approximately $7.8M, consisting of the issuance of 1,666,667 shares of RiceBran Technologies common stock, the retirement of approximately $2.2M of debt at the time of closing, and the assumption of approximately $600,000 of debt. RBT also intends to implement some minor near-term Cap Ex projects to expand capacity that, upon completion, are expected to increase EBITDA at Golden Ridge by as much as 30%.