SUNNYSIDE The city is a closer to 200 new year-around jobs with the announcement that Ostrom Mushroom Farms, LLC, has acquired the funding for its new state-of-the-art composting and operating platform at the Port of Sunnyside.
Ascendant Partners, Inc. of Colorado announced the closing on a $45 million financing package for Ostrom, the largest commercial mushroom producer in the Pacific Northwest.
The financing will be used to fund the development and construction of the planned new operation here.
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 here will complement their existing operations in Olympia, according to 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.”