Corbion wins bid for algae-based ingredients company

by Jeff Gelski
Share This:
Search for similar articles by keyword: [Corbion]

TerraVia algae ingredients
TerraVia produces oils, specialty fats and powdered ingredients from microalgae.
Image courtesy of TerraVia

WILMINGTON, DEL. — TerraVia Holdings, Inc., which produces oils, specialty fats and powdered ingredients from microalgae, has selected a stalking horse bid made by Corbion nv, according to a Sept. 12 filing in the U.S. Bankruptcy Court for the District of Delaware. The court has scheduled a Sept. 15 hearing to consider the transaction’s approval.

Amsterdam-based Corbion bid $20 million in cash plus the assumption of certain liabilities. The acquisition of the microalgae platform of San Francisco-based TerraVia would extend Corbion’s portfolio into algae-based fatty acids and proteins while leveraging Corbion’s fermentation and downstream processing capabilities, Corbion said when announcing its bid Aug. 2. TerraVia operates a research and development center in San Francisco and two manufacturing facilities: one in Peoria, Ill., and one in Brazil that is part of a joint venture with Bunge.

TerraVia selected an alternate bid submitted by Lawrence Johnson, a representative of the Salim Group, for $3.25 million for the Peoria facility, according to the Sept. 12 court filing. TerraVia also selected an alternate bid submitted by TCP Algenist L.L.C. for $900,000 for the Algenist Equity. Two alternate bids from Gruener Ventures were selected, one for $3.2 million for I.P. assets and one for $875,000 for the purchase of Algenist Equity.

In a bankruptcy filing, TerraVia listed total assets of $118,383,000 and total debts of $184,081,000 as of March 31.
Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Baking Business News do not reflect those of Baking Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.