AgMotion Secures ABL Facility from U.S. Bank
Minneapolis-based agri-business firm AgMotion closed on a $45 million asset-based revolving credit facility with U.S. Bank to support the company’s continued growth.
“We are very pleased to establish this new relationship with AgMotion. We were able to combine local relationship delivery and industry expertise with our asset-based lending capabilities,” said Sam Philbrick, president, U.S. Bank Asset Based Finance, which underwrote and arranged the facility. AgMotion’s strong management team has positioned the firm for continued success in the years ahead.”
Founded in 2000 by Rolf Peters and Tim Carlson, AgMotion provides physical commodity trading and risk management services to farmers, processors, and food companies globally. Operating in multiple segments across the agri-business supply chain, it has grown to become one of Minnesota’s Top 100 largest private companies, reporting $850 million in revenue in 2014.
“We’ve been able to grow as a result of investing in people and technology while maintaining a strong capital base,” said Peters. “This facility will help AgMotion continue to serve existing customers well while positioning AgMotion for its ongoing global expansion. U.S. Bank will be a great partner as we move forward together.”