A once-traditional ethanol plant that grew into one of the largest producers of high-quality grain-based specialty liquors in the United States has a new owner.
CC Industries Inc. recently announced the acquisition of CIE. Based in Marion, Indiana, CIE operates a world-class commercial distillery, serving customers ranging from Fortune 500 spirits, food and fragrance brands to niche craft distilleries.
Ocean Park acted as exclusive financial advisor to CIE on the transaction. Financial terms of the transaction were not disclosed.
Originally built as an ethanol plant in 2007, it was upgraded to produce grain-neutral spirits under the leadership of CEO and President Ryan Drook. The Company’s alcohols are highly sought after in a variety of high-value end markets, including spirits, beauty and personal care, food and flavor, medical life sciences and other industrial uses.
“Ocean Park was honored to help CIE achieve this important milestone, whose CEO has demonstrated visionary leadership in transforming the business and adapting to market demand,” said Mark Fisler, general manager of Ocean Park. “This transaction was a great outcome for both parties, and we believe that more such transactions could be on the horizon as the ethanol industry continues to consolidate.”
Although now owned by CCI, a Chicago-based family holding company, the facility’s management and staff will remain intact.
“Ocean Park has done an exemplary job evaluating our strategic alternatives and executing a comprehensive sales process that has generated interest from many parties,” said Drook. “Ocean Park’s expertise in M&A transactions, industry knowledge and deep relationships with financial and strategic parties contributed to the success of this transaction.”
“We are proud to apply our expertise to the dynamic premium liquor industry,” added Eric Ouyang, CEO of Ocean Park. “CIE has built an extraordinary company that is poised for continued growth under CCI’s leadership. »