ONCAP-backed Pinnacle to buy majority of U.S. wood pellet facility

Pinnacle Renewable Holdings Inc (TSX: PL) has agreed to acquire a 70 percent interest in an industrial wood pellet production facility located in Aliceville, Alabama from Westervelt Co. Terms weren't released for the deal, which is expected to close in October. Pinnacle, a Richmond, British Columbia-based industrial wood pellet maker and distributor, said the acquisition will increase its production capacity and establish a platform for future growth in the U.S. Southeast. Pinnacle, acquired in 2011 by ONCAP, the mid-market arm of Canadian private equity firm Onex Corp, went public this year, raising $172 million. It continues to be an ONCAP portfolio company.

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