Tillerman Seeds, a Greenville, Michigan-baased agribusiness company, received a $5.2m credit facility from Open Prairie.
The Open Prairie Rural Opportunities Fund, a growth-stage private equity fund dedicated to providing capital to agribusiness companies throughout rural America, provided the financing.
The funding was used to complete the acquisition of Scandinavia, Wisconsin-based Legacy Seeds, a producer of non-GMO alfalfa seeds as well as corn, soybeans, wheat, cover crops and turf blends. Legacy Seeds also has operations in Nampa, Idaho. Combined with its recent purchase of DF Seeds, Tillerman has created a rural Midwest-based seed company with operations in Michigan, Wisconsin and Idaho that will generate $40 million in annual revenues and supply products to more than 800 farms.
Led by Remos Lenio, Partner, Tillerman & Co. was created to acquire small, regional independent seed companies, especially those with strong non-GMO product lines.
The holding company plans to operate acquired companies as standalone entities with shared back-office services and collaboration on customer service, research and development, and marketing sales.
FinSMEs
15/08/2018