Patriot Renewable Fuels explores strategic options
Throughout its four successful years of development and operations, the board of Patriot Holdings LLC, has continuously monitored and evaluated the ethanol industry in the course of developing its strategic plan for the future. Since commissioning production in September 2008, Patriot has achieved many of its initial core objectives, including building a first-class, competitive and successful ethanol production facility. It has generated positive returns for its members while providing an additional market for corn produced in the area. It has promoted local economic development and employment growth, and it has contributed to our nation’s energy independence.
As Patriot plans for the future, it has received questions about plans for growing the company, for paying distributions, for increasing its financial strength, and for providing greater liquidity for members. The board has taken steps to formally evaluate the strategic options designed to position the company to best represent stakeholder interests going forward, including the interests of its employees, the local community, the agricultural producers in western Illinois, as well as its members.
In June Patriot retained Ascendant Partners Inc., an experienced financial advisory firm, to assist in gathering facts and data to provide the board a clearer understanding of the current state of the market as well as the opportunities and options available to the company. Ascendant continues to assist the board as it assesses these various strategic options, which range from continuing to operate the business as an independent operator to exploring the sale of the business, among a variety of other options and opportunities.
Patriot’s strong performance since start-up reflects its many strategic advantages compared to other plants, including sustainable corn availability, superior highway and rail transportation, established utility and natural gas access, strong community support, dedicated employees, a strong management team, and the support of its members. It is important to note that the outcome of this process is not anticipated to impact the ongoing operation of the plant, which is fully anticipated to continue to operate successfully, processing local corn, providing local jobs and contributing value to its local community.
As part of this process Patriot will be conducting plant tours, coordinated through Ascendant Partners, from mid-October through early November. If you would like more information about this process or Patriot, please contact Ascendant Partners: Kirk Martin at 303.221.4700, ext. 2, or by email at firstname.lastname@example.org or Mark Warren at 303.221.4700, ext. 4, or by email at email@example.com.