pecialty fertilizer company VitAg Corp. said it has received equity and debt financing of more than $110 million, including an investment from TPG Capital.
TPG Alternative and Renewable Technologies is leading the equity portion of the financing, with additional commitments from iron micronutrient producer Agro-Iron and industrial chemical supplier Shrieve Chemical. Beech Island, S.C.-based VitAg has also secured a $64 million offering of 22-year tax-exempt bonds led by Citigroup Global Markets through the Orange County Industrial Finance Authority, as well as a credit facility from an affiliate of Tennenbaum Capital Partners.
VitAg plans to use proceeds from the financing in part to construct a biosolids-to-fertilizer facility in Zellwood, Fla. The site is expected to produce slow-release, organically enhanced premium fertilizer, which will be produced by combining biosolids, sulfuric acid and ammonia.
TPG ART, a unit of Fort Worth, Texas-based firm TPG Capital, focuses on investments in companies that develop and deploy alternative and renewable technologies.