(PRNewswire) RiceBran Technologies, a leading producer of value-added products derived from rice bran, has 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 $20 million in revenue in 2019.
The Golden Ridge operations encompass nearly 32 acres with approximately 75 percent of its land available for expansion. Total consideration for the Golden Ridge acquisition was approximately $7.8 million.
"The acquisition of Golden Ridge is a very important part of our strategic plan to grow the business and build long-term value for our stockholders," said Brent Rystrom, President and Chief Executive Officer. "Golden Ridge gives us a substantial presence in Arkansas, where more U.S. rice is produced and processed than any other rice-producing state, and provides a source of stabilized rice bran that is closer to many of our customers in the Midwest and Eastern U.S., with active and attractive freight lanes."
Rystrom continued, "In addition to these benefits, the Golden Ridge acquisition will leverage our sales force by expanding our product portfolio to initially include the supply of rice, brown rice, brewers' rice, and brokens. These are all synergistic ingredients for our target customers which should enable our team to build more broad-based customer relationships."