BHIL - Benson Hill disposes its Fresh business for $21M to IMG

• Benson Hill ( NYSE: BHIL ) said Tuesday it would sell its Fresh business in a two-part transaction for $21 million to IMG Enterprises.
• The company said it closed the first part of the transaction on December 29, 2022, which included the sale of the Vero Beach facility, real estate, and packhouse for $18 million.
• The company’s remaining assets and equity related to the Fresh business is expected to be divested to IMG during Q2 2023 for $3 million, pursuant to a stock purchase agreement.
• BHIL said it will record the Fresh Segment as discontinued operations.
• Following closure of the second transaction, the company expects to record an approximate 50 percent non-cash write-off of the book value of the business.
• The company said it is maintaining its full-year 2022 forecast for the Ingredients Segment, expecting revenues of $370 million to $390 million and gross profit of $11 million to $14 million.
• Benson Hill is also maintaining its 2025 outlook for the Ingredients Segment with revenues in excess of $450 million, and continues to expect positive EBITDA and positive FCF in 2025.

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