Newport Beach, California
October 31, 2008
Marwit Capital Partners II, L.P. (“Marwit”) is pleased to
announce the acquisition of Bruce Seed Farm, Inc. (“Bruce Seed”
or the “Company”), based in Townsend, Montana, from Arden Bruce,
the Company’s longtime owner and President. The transaction,
which comes on the heels of Marwit’s recent recapitalization of
Granite Seed Company,
is a critical step in Marwit’s consolidation strategy within the
land reclamation, native seed and erosion control industry. Mr.
Bruce remains a significant shareholder, and he and his
management team will continue to operate and lead Bruce Seed
post transaction.
Bruce Seed has long been recognized as the best-in-class
producer, processor and distributor of native seed products sold
throughout the Northwest, Intermountain and Midwest regions of
the U.S., as well as Southern Canada. The Company, through is
own production as well as through a large and diverse grower
network, procures and sells over 100 native seed species and
mixes to seed dealers and distributors. Products are used in
pasture, land reclamation, land preservation, rangeland
management and erosion control applications. Mr. Bruce has spent
his entire career in the conservation seed industry and has
successfully been managing Bruce Seed for over 20 years.
Matthew Witte, Marwit Managing Partner stated, “Needless to say,
we are quite excited about this transaction. Each company is a
niche leader in their respective markets and they will continue
to operate independently in serving their customers, while
sharing in Marwit’s financial resources.”
Rob Wendell, Marwit Principal added, “We are employing a
targeted acquisition strategy and continue to be interested in
the best of breed distributors, processors and growers in this
and other markets throughout the country.”
Mr. Bruce said, “I am excited about partnering with Marwit to
help us grow organically and through acquisitions. This is an
exciting time for my company and I see a very bright future in
this industry.”
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.
About Granite Seed Company
Established in 1988, Granite Seed specializes in the supply of
conservation (or “native”) seed and erosion control products and
services for land reclamation, revegetation and erosion
prevention associated with disturbances caused by infrastructure
development, commercial construction, and rangeland wildfires.
Granite Seed is recognized as the leading one-stop supplier of
seed and erosion control solutions in the Western U.S. Granite
Seed’s product offerings include conservation seed, erosion
control and turf grass seed. Granite Seed’s products and
services offer solutions to customers including mines,
contractors, and federal, state and local government agencies.
About Marwit Capital
Marwit Capital is one of the oldest and most experienced private
equity firms in the Western U.S. Founded in 1962 and based in
Southern California, Marwit invests in lower middle market
businesses that are leaders in niche markets. Employing a
collaborative operational focus, Marwit targets investments
headquartered in the Western U.S. with revenues of $20-200
million, EBITDA of $3-15 million, and enterprise value generally
under $100 million, at the time of acquisition. Marwit partners
with experienced CEOs and management teams to complete buyouts
and provide growth capital for expansion investments. Marwit
typically invests $10-30 million of equity capital per platform
investment, in one or a series of investments. Marwit’s current
fund, MCP II, is $183.7 million of committed capital and
includes a portfolio of 10 platform companies. |
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