Blackstreet Capital has acquired Park Seed Co., a Greenwood, Colo.-based online and catalog retailer of plant seeds and other gardening supplies. The deal was valued at $13 million.
Blackstreet Capital and affiliate JPPA, Inc. today announced the successful acquisition of Greenwood, S.C.-based Park Seed Company for $13 million.
“The acquisition of Park Seed Company will help ensure that the company’s jobs stay in Greenwood and that our employees, their families and our local communities continue to thrive,” said Park Seed CEO Chas Fox. “I look forward to working with employees and management to revitalize Park Seed and preserve its unique heritage.”
“We are excited by the opportunity to save this great company and help it return to profitability,” said Managing Director of Blackstreet Capital, Aldus H. Chapin, II, who was appointed Park Seed’s Chairman of the Board. “We received tremendous support from Mayor Wellborn Adams and many other state and local officials who recognized the importance of keeping Park Seed operational and saving local jobs.”
Blackstreet Capital, a Maryland-based private equity firm, focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. The firm – with a portfolio that includes a variety of online and catalog retailers – invests in a range of industries, including manufacturing and distribution, restaurants, specialty retail, business services and health care. Blackstreet’s board includes well-known leaders such as former White House aides Thomas McLarty, III, former Chief of Staff to President Clinton; and Kenneth Duberstein, former Chief of Staff to President Reagan.
Park Seed, located in Greenwood for 86 years, sells plant seeds and other gardening supplies online and through a catalog business that reaches customers nationwide. It is also home base for the annual South Carolina Flower Festival and has worked with NASA to send seeds into space as part of a classroom education program. The company boasts an annual payroll of more than $6 million and contributes more than $600,000 to the state and local tax base each year.
“The experienced team we’ve assembled will allow Park Seed to continue serving customers nationwide,” said Blackstreet principal Lawrence Berger. “We look forward to growing Park Seed’s business and realizing value for our investors.”
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About Blackstreet Capital
Blackstreet Capital (www.blackstreetcapital.com) is a Chevy Chase, MD based private equity firm with over $200 million of capital under management. Blackstreet focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Blackstreet seeks investments in a range of industries, including manufacturing /distribution, restaurants, specialty retail, business services and health care.