Field Notes: Proterra eyes equity investments in ‘booming rural America’; Olam and LDC’s tussle for Namoi Cotton mired in red tape
Agri Investor
Global coverage of the deals, firms and people driving agri-business today
Proterra Investment Partners eyes equity investments in ‘booming rural America’; Olam and LDC’s tussle for Namoi Cotton gets mired in red tape; BTG Pactual sells 8 million carbon credits to Microsoft in 19-year supply deal; and more. Welcome to Field Notes, the start-of-the-week briefing from Agri Investor.
Tips & feedback to Binyamin Ali or email [email protected]
First look
‘Rural America is booming’ ?
Proterra Investment Partners plans to use a new growth equity vehicle targeting $200 million to deepen its exposure to the US food and beverage sector.
The firm reached a $34 million first close for its Proterra Rural Growth Fund in June. Managing partner Rich Gammill told Agri Investor that the decision to form a rural business investment company (RBIC) came after a request from one of its partners within the Farm Credit System.
Proterra Investment Partners established its presence in the US food and beverage sector through its credit strategy, which was launched in 2019. Read the full story here.
They said it
“We’re increasing this target by reprioritizing our climate change investments to take more direct action, moving funds away from the purchase of carbon credits in favor of decarbonization projects”
Australian telecommunications giant Telstra said it will increase its Scope 1 and 2 emissions reduction target from 50% to 70%, which it hopes to achieve by 2030.
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Natural capital
Microsoft signs deal for 8 million carbon credits?
BTG Pactual’s Timberland Investment Group has sold eight million carbon credits from its Latin America-focused Reforestation Fund to Microsoft. Financial details were undisclosed.
The New York-headquartered unit of Brazilian investment bank BTG Pactual said the credits will be delivered through the year 2043 and mark what it called the “largest-known carbon dioxide removal credit transaction to date.” Read the full story here.
Deals
Stellex backs baked goods
Stellex Capital Management has acquired baked goods company J Skinner. Financial details were undisclosed.
Skinner was founded in 1983 and provides baked goods through in-store bakeries at supermarkets and grocery chains.
The company is also a supplier to foodservice providers and sells its products in more than 30,000 retail locations across all 50 states.
“With a long history of driving value for its strategic retail partners through baked goods innovation, quality and service, J Skinner is now equipped for its next stage of product and capability expansion,” said Stellex managing director Trey Lee in a statement. Read more...