February 24, 2015
Goldfield, Iowa-based egg producer, Iowa Cage-Free, which produces eggs from cage-free hens, has secured a strategic investment of an undisclosed amount from the $154.5 million Advantage Capital Agribusiness fund.
A recent law passed in California requires all eggs sold in the state come from hens housed in cages big enough for each bird to spread its wings. Many producers across the country are still working toward being able to meet this requirement.
Founded in 2009 by a partnership of Iowa farm families and industry professionals, Iowa Cage-Free began building layer houses for cage-free production according to the fund’s manager, St. Louis-based Advantage Capital Partners. This investment will be used to fund the acquisition of a previous caged-layer house and its renovation for cage-free production in order to fulfill a new, larger contract with an existing customer.
The Advantage Capital Agribusiness Fund was formed through the U.S. Department of Agriculture (USDA) Rural Business Investment Program with involvement of nine Farm Credit systems investors and several partners, in order to encourage private sector investment to foster growth in rural U.S. agribusinesses.
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