Dakota Premium Hay, LLC exceeds goals of equity drive The board of managers of SDAPV Dakota Premium Hay, LLC announces that the equity drive initiated on Nov. 1 has been successfully completed and the maximum of 350 units has been subscribed.
"It is very gratifying to see the South Dakota producers respond to an investment opportunity like this one in such a positive way," said Joel Dykstra, vice president of the Dakota Premium Hay Board of Managers. "This will give those investors some exposure to a retail market through a business start-up that has been developed by South Dakotans for South Dakota producers. It shows the success of the SDAPV concept where ag producers working within the private sector can create their own opportunities for financial gain."
SDAPV Dakota Premium Hay, LLC launched an equity drive on Nov. 1 offering a maximum of 350 units at an investment level of $1,500 per unit. The offering was authorized to run through Dec. 15, but an interim deadline of Nov. 30 was established to give investors at all levels an equal chance of participation. By Dec. 2, qualified subscriptions totaling more than the maximum units offered had been received. A few more subscriptions postmarked by Nov. 30 may yet be received so the allocations will take place according to the procedure established by the board of managers later in the week and any excess funds will be returned to subscribers immediately.
"We appreciate the vote of confidence our investors have demonstrated in our business concept," said John Haverhals, president of the board of managers and general manager of Dakota Premium Hay. "Now we have to get to work and prove that this business can be as successful and profitable as we said it would be."
Dakota Premium Hay operates a re-baling production process located near Meckling, producing and marketing a mixed hay product for recreational horses.
Market studies indicate that the potential market includes nearly 3 million horses owned by individual across the country for hobby riding and other personal recreation.
Sales have already begun to customers as far away as Texas and Florida. A retail market distribution network will be established in the coming months to expand sales from the operation.
SDAPV Dakota Premium Hay, LLC is the second capital project developed by South Dakota Ag Producer Ventures this year.