Sunnyside mushroom farm secures $45 million in financing
By Ted Escobar, Daily Sun News
Sunnyside is closer to 200 new year-around jobs thanks to Ostrom Mushroom Farms LLC acquiring funding for its new state-of-the-art composting and operating platform at the Port of Sunnyside.
Ascendant Partners Inc. of Colorado recently announced a $45 million financing package for Ostrom, the largest commercial mushroom producer in the Northwest.
The financing will be used for the development and construction of the planned new operation.
The indoor facility will allow Ostrom to produce mushrooms year-around in Sunnyside.
Ostrom has been operating since 1928 as a family-owned and operated commercial mushroom producer.
The new operation will complement its existing operations in Olympia, said David Knudsen, the company’s president and chief executive officer,
“This new state-of-the-art operating platform will help Ostrom expand our production, improve mushroom quality and significantly improve our operating efficiencies, thereby helping to position the company for continued success for the next generation,” he said. “The approach leverages design principles and technology well proven in Europe and elsewhere around the world but will be among the first installations in the U.S.”
Funding was sourced through a value-added private investment firm committed to serving food and agriculture sectors across the U.S. The innovative financing structure secured the necessary project funding while minimizing the dilution of current ownership.
“This process brought together two complimentary partners truly committed to the industry and the success of this venture,” said Mark Warren, who led the process for Ascendant Partners. “We’re extremely pleased to complete this funding so Ostrom can now fully focus on the development and implementation of this exciting new mushroom production operation.”