Verdesian Life Sciences, a portfolio company of Paine & Partners, has completed its previously announced acquisition of QC Corporation.
QC is a producer and supplier of granular and dry micronutrients and ferrous sulfate products. Ferrous sulfates have uses in fertilizers and animal feed, soil remediation and land reclamation, hazardous waste and water treatment, and chemical process industries. QC currently has two ferrous sulfate operations, one located in Cape Girardeau, MO and the other in North Lima, OH. The company was founded by Don Gordon in 1971 and has been family owed for 42 years. QC is headquartered in Baltimore (www.qccorporation.com).
“This combination advances Verdesian’s position as a market leader with innovative product solutions along with a deep pipeline of next generation technologies for the specialty and agricultural markets globally,” said Kevin Schwartz, President of Paine & Partners. “QC is an established market leader in the fast-growing micronutrients category. We expect that the combination will bring QC’s expertise increasingly into Verdesian’s core agricultural markets, while QC’s lawn & garden and turf & ornamental customers will see new applications for Verdesian’s proprietary products.”
Paine & Partners formed Verdesian Life Sciences in September 2012 to focus on investments in plant health and nutrition. The acquisition of QC is the sixth add-on acquisition completed by Verdesian. The other five add-ons completed by Verdesian are: Specialty Fertilizer Products (July 2014); INTX Microbials (September 2013); Plant Syence (April 2013); Northwest Agricultural Products (February 2013); and Biagro Western Sales (September 2012).
As a result of these investments Verdesian Life Sciences offers patented biological, nutritional, seed treatment and inoculant technologies for high-value specialty crops, row crops and turf and ornamental markets. Verdesian’s plant-health products, nutritional catalysts and seed treatments/inoculants are used by farmers to efficiently maximize crop yields. The company is based in Cary, NC (www.VLSci.com).
“We are excited to welcome QC and its micronutrient platform, including its unique Nutripaction compaction granulation technology, to Verdesian,” said JJ Grow, Chief Executive Officer of Verdesian. “The Gordon family and the rest of QC’s employees share our commitment to researching and developing innovative and proven yield enhancing plant-health products.”
Paine & Partners invests globally in the food and agribusiness industries. The firm is currently investing through its $1.2 billion third fund, Paine & Partners Capital Fund III, LP. In addition to Verdesian and QC, in its current fund, Paine & Partners has invested in (1) Costa Group, Australia’s largest integrated grower, packer and marketer of fresh fruits and vegetables; (2) Eurodrip, a global manufacturer and supplier of drip irrigation solutions; (3) Icicle Seafoods, a producer, harvester and processer of salmon, pollock, halibut, cod, crab and other seafood products with operations in North and South America; (4) Scanbio Marine Group, a Norwegian producer of fish protein concentrate, fish meal, and fish oil; and (5) Sunrise Growers/Frozsun Foods, a value-added frozen fruit processor and marketer.
Paine & Partners has offices in San Mateo, CA; New York, NY and Chicago, IL (www.painepartners.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-1-14