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Newport Beach, California
September 11, 2008
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 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 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.
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