Genera Energy acquires MxG Fiber LLC to support its growth strategy
Genera Energy Inc., the largest integrated manufacturer of non-wood agricultural pulp and molded fiber products in North America, announced last Friday that it has acquired MxG Fiber LLC (MxG) as part of its overall growth strategy.
According to the news release issued, the acquisition allows Genera to incorporate the knowledge and assets of MxG into its efforts to supply sustainable fiber packaging to the rapidly growing U.S. market. MxG was based in The Woodlands, TX.
This is the second major announcement involving the Vonore-based company in less than a month. In late June, Ara Partners, a Houston-based private equity firm that specializes in industrial decarbonization investments, announced that it has acquired Genera (see teknovation.biz article here). As part of the transaction, Ara has also committed up to an additional $200 million of capital to support significant expansion of the company’s sustainable pulp and packaging business.
The MxG management team founded Aloterra in 2010 and developed the first and largest commercial scale miscanthus crop operation in North America. The team leveraged a USDA program to plant over 20,000 acres of miscanthus in four Midwest states. Over the last decade, the team developed critical expertise in commercializing sustainable biomass crops, including the establishment, management, harvesting, storage, and processing of several perennial crops.
MxG’s research and development efforts led to several commercial product lines based on miscanthus. The team built three manufacturing facilities in the Midwest over the last decade and brought several agricultural fiber products to market, including the first molded fiber products produced from miscanthus.
In connection with the acquisition, Matt Griswold, Chief Executive Officer (CEO) of MxG, has joined the Genera team as Vice President, focusing on molded fiber product and market development. “I am excited to continue the MxG mission of expanding the use of perennial crops and replacing single use plastics under the Genera name,” says Griswold.
“Our acquisition of MxG Fiber accelerates Genera’s pursuit of innovative ways to decarbonize our economy using regenerative, sustainable agriculture,” said Kelly Tiller, Genera’s CEO. “Matt’s passion for sustainability, combined with his deep expertise in perennial biomass crop production, product development, and manufacturing, really enhances the Genera team.”
Genera operates the largest vertically integrated non-wood agricultural pulp and molded fiber manufacturing facility in North America. The company supplies customers with domestically sourced and manufactured non-wood pulp and molded fiber products made from locally grown fiber crops and agricultural residues.