COVINGTON, La., July 17, 2014 /PRNewswire/ --We are pleased to announce that W.B. Johnston Grain, (WBJ) the oldest and largest privately owned grain company in Oklahoma, has entered into a Letter of Intent to sell its grain company and related businesses to CGB Enterprises, Inc., an innovative and progressive leader in the grain and transportation industries. The parties expect to the close the transaction within 30 - 45 days.
WBJ's CEO Butch Meibergen stated "We are looking forward to being a part of the CGB team. WBJ prides itself in providing producers with services they need, and we look forward to offering even more resources in the future through CGB's global network." WBJ's President Joey Meibergen said "This exciting combination brings together the forward thinking regional leadership and 120 year history of WBJ with the entrepreneurial CGB expertise and infrastructure, thereby strengthening the position of the company and ultimately resulting in greater efficiencies and a higher level of service for the WBJ customer base." He also said "Butch and I look forward to joining the CGB team, and achieving our growth goals together."
CGB's President & CEO Kevin Adams states: We are excited about the WBJ group of businesses and employees joining the CGB team. The Meibergen family has successfully grown and nurtured the WBJ business over its long history and we believe they complement our growing CGB group of businesses. Our staff plans to work closely with WBJ's customers, suppliers, and employees to make the integration process as seamless as possible.
About WBJ
WBJ, currently operate 19 country grain elevators throughout Oklahoma and Texas including two grain terminals, an 18 million--bushel rail terminal in Enid and a two million--bushel rail shipper/receiver facility in Shattuck, OK. Operations include grain, retail fertilizer, seed, and bulk transfer of frac sand and petroleum. Visit www.jeinc.com for more information. Brenen Hofstadter and Chris Heckert with Generational Capital Markets, Inc., Member FINRA/SIPC, Dallas, TX, advised WBJ during the transaction. Terms of the transaction were not disclosed.
About CGB
CGB, with 74 grain elevators across the Midwest, oversees a diverse family of businesses providing an array of services for producers and manufacturing industries. The company's entrepreneurial approach has thrived over 40 years and their businesses include: grain handling & merchandising, soybean processing, crop insurance, fertilizer, Agri--Finance, Feed Ingredients, bulk handling and stevedoring, transportation & logistics services for a global base of customers. Visit www.cgb.com to learn more about CGB.
UPDATE: The transaction closed April 1, 2014
CONTACT: Jessica Mead, 972-232-1100
SOURCE Generational Capital Markets
