BioFuel will pay $275 million in cash and common stock to acquire JBGL. JBGL is a series of real estate entities that are involved in the purchase and development of land for residential use, construction lending, and home building operations.
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"BioFuel Energy Corp. is a holding company. The Company produces and sells ethanol and its co-products (primarily distillers grain and corn oil), through its two ethanol production facilities located in Wood River, Nebraska and Fairmont, Minnesota. The Company's ethanol plants are owned and operated by the Operating Subsidiaries of the LLC. The Company's ethanol plants are owned and operated by the Operating Subsidiaries of the BioFuel Energy, LLC (the LLC). The Company's ethanol facilities each require approximately 41 million bushels of corn per year in order to produce their undenatured nameplate capacity of 110 Mmgy of ethanol. Cargill, Inc supplies all of the corn to the Company's facilities. The Company has also entered into concurrent 20-year leases of Cargill's existing grain elevators at each of its Wood River and Fairmont sites."
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