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APAC makes $2m follow-on investment in biomass company

Oregon biowaste and biomass business Pacific Ag will use the raise to acquire its regional competitor, Calagri.

Advantage Capital Agribusiness Partners (ACAP) has made a second investment in crop-residue business Pacific Ag in less than a year, contributing $2 million.

ACAP is a licensed Rural Business Investment Company (RBIC) which can make equity investments on behalf of lenders from the Farm Credit System, and made a $7 million commitment to in Pacific Ag in August last year.

The company harvests farm waste and forage from growers for use in the animal protein, paper and pulp, and biofuel sectors.

Pacific Ag will use the latest funding to acquire Calagri, a regional agricultural residue and hay harvesting company.

ACAP closed on $154.5 million in October 2014 from nine US farm lenders, including $4.5 million from ACAP parent company Advantage Capital Partners.

ACAP’s portfolio include Iowa Cage-Free, American Botanicals and Hortau, for which it led a $10 million raise earlier this year. PAC seeks to co-invest with private as well as public investors.