Marwit Capital has sponsored a recapitalization of Granite Seed Co., a Lehi, Utah–based provider of conservation seed and erosion control solutions in the Western U.S. The deal was done in partnership with company founder Don Bermant, who will continue to serve as CEO.
Marwit Capital Partners II, L.P. (“Marwit”) announced today that it has recapitalized Granite Seed Company (the “Company”) in partnership with Founder & CEO, Don Bermant. Mr. Bermant and his management team will continue to lead the Company post-transaction in its current facilities in Lehi, UT.
Founded by Mr. Bermant in 1988, Granite Seed is recognized as the leading one-stop supplier of conservation seed and erosion control solutions in the Western U.S. The Company’s products and services are used for complex land reclamation, revegetation, and erosion prevention associated with disturbances caused by energy exploration, infrastructure development, commercial construction, and rangeland wildfires. Granite Seed’s products and value-added services offer important solutions for customers that include oil and gas corporations, mining companies, regional contractors, and Federal, State and Local Government Agencies.
Under the guidance of Mr. Bermant, the Company has a long track record of profitable growth by providing products and services that enable commercial and government customers to solve their complex environmental needs and responsibilities. Mr. Bermant, CEO, said, “With Marwit as our new financial partner, the Company is now poised to expand its leadership position in the conservation seed industry, growing organically and through select acquisitions. This is an exciting time at Granite Seed.”
Matt Witte, Managing Partner of Marwit stated, “Marwit was interested in investing in an environmentally focused, green business with strong growth potential. After evaluating many sectors and numerous companies, we met Don Bermant and his management team, and were immediately sold on the opportunity.” He continued, “Not only is Granite Seed the clear leader in its markets, but industry dynamics, particularly increased energy exploration and infrastructure development, are accelerating the need for seed and erosion control products and services.” Rob Wendell, Principal of Marwit added, “With its strong reputation and excellent management team, Granite Seed is an outstanding platform for a broader native seed and erosion control strategy. Following Don’s lead, we have already begun substantive discussions with other high quality companies that will enhance the Company’s ability to gain a stronghold in other strategic regions throughout the country.”
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 energy exploration (i.e. surface mining, oil & gas drilling, etc.), infrastructure development, commercial construction, and rangeland wildfires. The Company 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 oil and gas corporations, mining companies, regional 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, 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.