Hedge fund agrees to acquire Cargill grain elevator

by Eric Schroeder
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MINNEAPOLIS — W.B. Duluth Storage L.L.C., a subsidiary of Whitebox Advisors, L.L.C., has agreed to acquire a Duluth, Minn., grain elevator from Cargill AgHorizons. Financial terms of the agreement, which is expected to close on or before Jan. 31, were not disclosed. Built by Cargill in 1978, the elevator has the capacity to handle 11 million bushels of grain and is one of 13 grain elevators owned and operated by Cargill in Minnesota, according to the 2008 Grain & Milling Annual. Whitebox Advisors is a private Minneapolis-based hedge fund. The company last year acquired two grain elevators in Minneapolis from ConAgra Foods Inc.

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