AGMOTION SECURES $45 MILLION IN SENIOR DEBT FINANCING FROM U.S. BANK
MINNEAPOLIS (Feb. 9, 2015) – Minneapolis-based agri-business firm AgMotion has closed on a $45 million asset-based revolving credit facility with U.S. Bank to support the company’s continued growth.
"We're excited about our new partnership with AgMotion. They have a strong management team and have positioned the firm for continued growth in the years ahead. We’re here to ensure they have financing in place that supports those growth objectives,” said Phillip Trier, market president for U.S. Bank in the Twin Cities.
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. It employs around 90 people and has been named one of the “100 Best Companies to Work For in Minnesota” by Minnesota Business Magazine each of the last two years.
“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.”
About U.S. Bank
U.S. Bank Asset Based Finance is one of the nation’s fastest-growing asset based lenders providing financing solutions to middle-market and large cap companies in the United States and Canada. Financing supports working capital, growth, acquisitions and turnarounds across a wide spectrum of manufacturers, distributors, service providers and retailers.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $403 billion in assets as of December 31, 2014, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The company operates 3,176 banking offices in 25 states and 5,022 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.