Praesidian Capital Investors has invested approximately $5 million of subordinated debt to support the acquisition of Bruce Seed Farm by Marwit Capital Partners as part of its land reclamation, native seed, and erosion control industry consolidation strategy.
Including the initial acquisition of Granite Seed Company, Praesidian's total investment in this platform is approximately $15 million of subordinated debt.
Bruce Seed Farm, headquartered in Townsend, MT, produces, processes and distributes native seed throughout the Northwest, Intermountain and Midwest regions of the U.S. The Company sources product through proprietary farming activities and a large, diverse grower network.
Don Bermant, chief executive officer of Granite Seed, will remain in his current position. Bruce Seed's CEO, Arden Bruce, will continue to lead Bruce Seed and remains a significant shareholder.
"These two companies give Marwit an added edge in native seed supply, strengthens its geographical reach and solidifies its position as the leader in the native seed, erosion control and land reclamation sector," said Jason Drattell, Managing Partner at Praesidian.
"We are very confident in the companies' future and are excited about our continued partnership with Marwit and management."
"Arden Bruce has been a pioneer in the conservation seed industry for nearly two decades, and the two companies are extremely complementary to one another," said Don Bermant, Chief Executive Officer of Granite Seed.
"With the support of Marwit and Praesidian, our strategy for growth both organically and through additional acquisitions is poised for even greater success."
"This marks the third Marwit acquisition that has been supported by Praesidian in 2008," said Matthew Witte, Managing Partner at Marwit Capital Partners. "We look forward to our continued partnership as we work closely with management to build these companies and consolidate this niche sector."
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