Sacramento, CA (September 25, 2018) - Sacramento-based S&W Seed Co. was the successful bidder for substantially all of the assets of Chromatin Inc., which was put into receivership earlier this year.
S&W develops and sells alfalfa, sunflower, sorghum and stevia seeds.
Chicago-based Chromatin was put into receivership earlier this year. S&W's offer for Chromatin's assets was in the form of stalking horse bid, one that is used to set a floor price for the auction of a company's assets out of bankruptcy or receivership.
Chromatin was focused on the development and sales of hybrid sorghum planting seed. Sorghum is a high-nutrient, high-yielding and drought-tolerant grass used for feeding livestock, as a grain for human consumption and as a feedstock for biofuel and biopower. Chromatin has a portfolio of 30 patents, according to patent research site Justia Patents.
S&W has expanded with acquisitions before. It bought Australian company Seed Genetics International Pty. Ltd. in 2013, and the research and development assets of DuPont Pioneer in 2015. In April this year, S&W bought proprietary sorghum genetic materials from NexSteppe Inc. S&W moved its headquarters to Sacramento from Hanford last year.
The company's office is in a historic Gold Rush-era building in Old Sacramento. Through the first three quarters of its current fiscal year, S&W has generated $54.2 million in revenue, and a loss of $438,942.
Note: Information from Sacramento Business Journal