NEW YORK, Nov. 4 /PRNewswire/ -- Praesidian Capital Investors, a leading
provider of mezzanine capital for small and mid-sized companies, has invested
approximately $5 million of subordinated debt to support the acquisition of
Bruce Seed Farm, Inc., 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."
About Praesidian Capital Investors
Praesidian Capital partners with small and mid-sized businesses, providing
private debt capital. With a focus on its core competency in mezzanine
financing, Praesidian invests in established, historically profitable
companies often in connection with a management/leveraged buyout,
recapitalization or refinancing. Based in New York City, Praesidian manages
over $400 million in committed capital. For more information, visit
www.praesidian.com.
About Marwit Capital
Marwit Capital is one of the oldest and most experienced private equity
firms in the Western U.S. Founded in 1962, Marwit's investment focus is on
lower middle market companies based in California and the Western U.S., with
revenues of $20 to $200 million and enterprise values of generally less than
$100 million. Marwit specializes in management buyouts, platform acquisitions
in partnership with experienced industry executives, recapitalizations and
later stage growth and expansion investments. Marwit seeks to deploy $10 to
$30 million of equity capital per Portfolio Company, in one or a series of
investments. Marwit Capital Partners II, L.P. completed its final closing on
August 15, 2007 with $183.7 million of committed capital. For more
information, visit www.marwit.com.
About Granite Seed Company
Granite Seed Company is a leading supplier of seed, erosion control and
land reclamation products for the western United States. Headquartered in
Lehi, Utah, Granite offers specialized products, a diversified inventory and
quality service and technical support for land reclamation or land
restoration, landscaping, golf courses, beautification, pasture and range. For
more information, visit www.graniteseed.com.
About Bruce Seed Farm, Inc.
Based in Townsend, Montana, Bruce Seed has long been recognized as a
leader in the production and distribution of native seed products throughout
North America. Incorporating over three generations of farming expertise, the
Company has earned the respect and admiration of native seed growers,
processors, distributors, dealers and end-users as evidenced by several
decades of repeat vendor and customer business. The Company's products,
consisting of over 100 native seed species and blends, are used in a variety
of land pasture and reclamation applications, serving a diverse base of
farmers, seed dealers, commercial developers and federal, state and local
government agencies.
