Marwit Capital Partners has acquired Bruce Seed Farm Inc., a Townsend, Montana-based provider of native seed products. No financial terms were disclosed.
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 (www.graniteseed.com) 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 (www.marwit.com) 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.